OREANDA-NEWS. On November 13, 2007 AB Mazeikiu Nafta (the Company) announced the condensed consolidated interim financial information for the nine-month period ended 30 September 2007, and Statement of the Responsible Persons, reported the press-centre of AB Mazeikiu Nafta.

The unaudited net profit of AB Mazeikiu Nafta Group for nine months of 2007 amounted to USD 56,8 million (LTL 138,3 million or EUR 40,1 million); however, if compared to the net profit for nine months of 2006, which amounted to USD 133,9 million (LTL 374,1 million or EUR 108,3 million), it was lower by 58 percent.

The Company managed to be profitable in spite of significant reduction of the refining volumes after the October 2006 fire and discontinuance of crude oil supplies by the Druzhba pipeline since the end of July 2006. During the nine months of 2007, AB Mazeikiu Nafta processed 4,98 million tons of feedstock. During the same period of 2006, the refining volumes amounted to 6,77 million tons of feedstock.

The Company re-commissioned the refurbished vacuum distillation tower in the bitumen and sulfur production complex in February 2007 and the repaired visbreaking unit in March 2007 and partially recovered the refining capacities and increased the yields of light products.

Although the growing crude oil prices on the world markets reduced slightly the refining margins, they remained high. This enabled AB Mazeikiu Nafta to reduce the losses incurred in the 1st quarter 2007. The net profit for the 3rd quarter of 2007 amounted to USD 75 million (LTL 189 million or EUR 55 million).

If compared to the second quarter of this year, the sales revenues in the 3rd quarter of 2007 increased from USD 958 million (LTL 2,453 million or EUR 711 million) to USD 1,113 million (LTL 2,799 million or EUR 811 million). Marek Mroczkowski, General Director of AB Mazeikiu Nafta, comments the results of the nine months of 2007:

“Although the refining volumes of the Company decreased after the October 2006 fire, the Company finished nine months of 2007 with profit. Positive financial result (estimated according to the historical assets value) was achieved mainly due to the first payment of the insurance (USD 70 million).”