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Appeal of the Belarusian company “Polocktransneft Družba” against “LatRosTrans” on the right to technological oil has been dismissed

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Appeal of the Belarusian company “Polocktransneft Družba” against “LatRosTrans” on the right to technological oil has been dismissed

october 23, 2013 / LatRosTrans

Today the Supreme Court of the Republic of Latvia has dismissed the appeal of the Belarusian company “Polocktransneft Družba” against SIA “LatRosTrans” regarding its property rights to 150,000 tonnes of technological oil in the pipelines of the company.

The appeal, which was examined on the merits today at the Supreme Court of the Republic of Latvia, was submitted by the Belarusian company “Polocktransneft Družba” regarding the judgement by Latgale Regional Court, which had completely dismissed the claim by the Belarusian company against “LatRosTrans” regarding property rights to technological oil due to insufficient justification.

“We consider that the decision by the Supreme Court to dismiss the appeal by the Belarusian company regarding ownership of the technological oil is legally correct and completely logical,” Member of the Board of “LatRosTrans” Igors Stepanovs is satisfied. “During the proceedings, the plaintiff has changed several times explanation regarding why the technological oil, which has been in the pipelines of “LatRosTrans” for almost 20 years, is as if their property,” mentions I. Stepanovs. “Accordingly, we can only stress it once again that the court has taken the only possible and right decision.”

About LatRosTrans

LatRosTrans Ltd owns two crude oil pipelines in the territory of the Republic of Latvia: Polotsk-Mazeikiai and Polotsk-Ventspils, which have not pumped oil in the last years, and one petroleum product pipeline Polotsk-Ventspils, which currently actively provides transport of diesel. LatRosTrans Ltd is the largest Latvian-Russian joint venture in the Baltic States. The Russian partner – joint stock company Transnefteprodukt (subsidiary of Transneft) owns 34% of the company’s shares, while 66% of the shares are owned by joint stock company Ventspils nafta (NASDAQ OMX RIGA: VNF1R).