Latvia to search for advisor on oil terminal sale

  • 2005-11-16
  • From wire reports
RIGA - The Latvian Privatization Agency said it hoped to select a financial advisor who will assist in preparing privatization of the state's remaining holdings in Ventspils Nafta, the floundering oil transit company.

Agency chairman Arturs Grants said at the council meeting Nov. 11 that talks on selecting the financial advisor would begin within the next few weeks.

As for the auction itself, he said it would take place no earlier than in three- four months.

In the meantime, an agreement on amending the regulations must be reached with Latvijas Naftas Tranzits, Ventspils Nafta's controlling shareholder. According to Grants, this was already taken care of.

The state plans to sell its 38.6 percent stake in the oil terminal on the Riga Stock Exchange. The sale should be completed by the end of June 2006.

According to earlier reports, the state wants to receive some 70 million lats (99.6 million euros) for the asset.

The Ventspils Nafta concern contains holdings in a number of companies, including Ventspils Nafta Terminals oil reloading terminal, the LatRosTRans oil pipeline operator, the LASCO shipping company and Preses Nams publishers.