Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- proper noun A city in
Latvia .
Etymologies
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Examples
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Although considerably smaller in terms of capacity, Lithuania's port of Butinge exported more oil in 2005 than the port of Ventspils.
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In late 2003, the Russian pipeline monopoly, Transneft, stopped deliveries of crude oil to Ventspils following the completion of its own port at Primorsk.
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While this temporarily mitigated some of the effect of decreased supply, recent hikes in Russian export taxes have caused rail shipments to Ventspils to steadily decline.
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This is because Butinge has enjoyed considerably better relations with its Russian suppliers than Ventspils since 2002, when Russian oil major Yukos became the port's largest shareholder.
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Having been left without a source of oil, authorities at Ventspils undertook an effort to increase shipments of crude oil and petroleum products delivered by rail.
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Before the construction of Russia's Primorsk facility (see below), Ventspils was the largest port in the Baltics and the second largest oil export terminal for Russian crude after the Black Sea port of Novorossiysk.
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The Latvian government has announced plans to sell its stake in Ventspils on the Riga Stock Exchange in late 2006 after failing to reach an agreement with the controlling shareholder, Latvijas Maftas Tranzits, to offer their joint shares for a controlling 51 percent stake.
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As the MV Ask, a 560-foot cargo ferry, chugs toward Ventspils, Latvia, Van de Vlasakker and I take cups of coffee up to the observation deck and I give him the message.
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It is run by Mazeiku Nafta Co., which operates a system of crude oil pipelines to the Mazeikiai refinery and the Butinge Terminal, two pump stations near Birzai and Joniskis, and crude oil and products pipelines leading to Ventspils.
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The Russian crude oil pipeline system is connected to three ports on the Baltic Sea: Latvia's port of Ventspils (completed in 1961); Lithuania's port of Butinge (completed in 1999); and the Russian port of Primorsk (completed in 2002).
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