Croatia: Vitol invests in LNG Ploce port terminal, SEE Energy News
Croatian gas company Prvo Plinarsko Drustvo (PPD) has signed an agreement on the acquisition of the company Luka Ploce Trgovina, which is a part of Ploce Port Group and controls the liquid cargo terminal, which is still under construction.
This contract was signed in order to complete the investment in the construction of the terminal for storage and transshipment of liquid cargo worth 130 million euros, that Luka Ploce could not provide. PPD’s strategic partner in this project will be VTTI, a member of Vitol Group and the proposed capacity of the terminal would be 280,000 cubic meters of liquid cargo and 40,000 cubic meters of gas.
Net profit of PPD Group increased to 35.7 million euros in 2015, which is almost double compared to 19.8 million euros in 2014. The main reason for the increase of the group’s profit is the liberalization of Croatian gas market, but it also expanded its operation in other countries: Hungary, Slovenia, Bosnia and Herzegovina and Serbia. Revenues of Luka Ploce increased by 30 % in 2015 and the company’s profit amounted to 4.05 million euros, transmits Serbia-energy.eu