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KN releases its results for August 2019

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LNG Industry,

AB Klaipedos Nafta (KN) has released its preliminary activity and revenue results for August 2019.

In August 2019, KN’s LNG terminals regasified and reloaded 1.52 million MWh of natural gas. During the first eight months of 2019 the company in total regasified and reloaded 10.19 million MWh of natural gas. This is a significant increase of 69.9% (or 4.19 million MWh) compared to the first eight months of 2018.

The preliminary sales revenue of the company’s LNG terminals for August 2019 comprised €5.8 million (during the same month of 2018 – €5.2 million). LNG terminal’s revenue consists of the regasification tariff fixed part (for booked annual capacities) and variable part for amount of regasified LNG, reloading revenues and additional income related to impact of currency exchange for lease liabilities. The LNG terminal revenue level (for booked annual capacities) does not depend on regasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC (NCECP before 1 August)) based on the approved methodology of State regulated prices in the natural gas sector and is calculated for the whole upcoming year. The preliminary revenue of the LNG terminals for the eight months of 2019 comprised €47.3 million, an increase of 9.7% compared to the same period of 2018 (€43.1 million).

Total preliminary sales revenue of the company in January – August of 2019 amounted to €68.8 million, an increase of 0.7% compared to the same period of 2018 (€68.3 million).

KN management comment

“In August, oil terminal reloading volumes of petroleum products at KN oil terminals were influenced by scheduled repair works at one of our major customer’s oil refinery in Belarus. Despite the fact, that loading volumes of petroleum products are lower than at the comparable time last year, our continuous focus on efficiency and expanding range of services have resulted in by 25% higher revenue at our oil terminals. Our main goal for the second half year of 2019 is to efficiently employ our infrastructure, actively competing with other neighbouring terminals for the transshipment volumes and [services provided to] clients.

Klaipeda LNG terminal continues maintaining high activity volumes and the demand for Klaipeda LNG terminal capacity was further increased by the favourable situation in international LNG markets. New Klaipeda LNG terminal user Eesti Energia [indentified a] business opportunity and entered into [its] contract in August. The growing number of Klaipeda LNG Terminal users demonstrates confidence of business in the value chain created by KN, brings more competition and allows [for the] supply [of] gas at a more competitive price.”

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