Ventspils Future in Question

Transneft president Semyon Vainshtok believes it is not profitable for Russia to transport oil from western Siberia to Ventspils in Latvia. According to him, to pump 18m tons of oil from western Siberia to Ventspils it is necessary to lay a 1,993-kilometer pipeline, construct 17 oil-pumping stations and restore one station. This will require $2.66bn in investments. "The implementation of this project is practically unreal and unprofitable," Vainshtok stressed.

As reported earlier, Russia removed the Ventspils terminal from its oil export schedule for the first time in 20 years of the terminal's functioning.