ABLV Bank carried out one of the biggest transactions in the transit area this year

Riga, Latvia, October 6, 2014, 10:00 / Banking

At the end of August, with the ABLV Bank participation, the deal of selling capital shares of the terminal “Ventamonjaks” that deals with transshipment of liquid ammonia at Ventspils Free Port was successfully completed. This deal has become one of the most significant deals made in the transit and cargo transportation area recently, with the financing of ABLV Bank amounting to 33 million euro.

Oļegs Fiļs, the Chairman of the Council of ABLV Bank, highly assessing this deal, said: “We believe in current economic circumstances it is crucially important to support large-scale projects in the transit and cargo transportation area. For Latvia, the port business is one of the main economic sectors, which needs to be constantly developed. The turnover of cargo at Ventspils is growing gradually, and the development of “Ventamonjaks” terminal will improve its performance. New shareholders will be able to improve the terminal workload and competitiveness. Remarkably, the deal is one of the largest this year. ABLV Bank is happy to support significant projects in Latvia that can contribute to the development of businesses, economic welfare of the state and its residents. As this kind of projects always encourages tax payments to the budget.”

The “Ventamonjaks” terminal is considered one of the largest terminals at the Baltic Sea that transships liquid ammonia more than 1 million tons per annum. The company Uralhim has become the controlling shareholder of “Ventamonjaks”. Its subsidiary company “Uralchem Freight limited” became the owner of 55% of capital shares of the company “Despina Capital” that controls 100% of SIA “Ventamonjaks”. Thereby, “Uralhim” is going to ensure logistic reliability of product supply.

Ilmārs Jargans
Head of Public Relations Department
+371 6777 5296