KN (AB Klaipėdos Nafta), the oil and liquefied natural gas (LNG) terminal operator, said it concluded an agreement with UAB Elektrėnų Energetikos Remontas on the reconstruction and adaptation of two storage tanks for bitumen loading.

The agreement is valued at EUR 2.1 million and is scheduled for completion in the second half of 2021. It is one of several investment projects planned by the company “in order to increase the efficiency and flexibility of the oil terminal in Klaipeda by adapting the existing infrastructure to new cargoes”.

Product unloading pumps will be installed next to the two 4,200 cubic metre capacity storage tanks, which will pump hot (150-160 degrees Celsius) bitumen from tank trucks into the tanks.

Mindaugas Navikas, chief sales officer of KN, said: “Implementing our strategic plan and achieving one of the goals – we are launching a project for the adaptation of storage tanks for bitumen loading, so we can enter the markets of new oil products.

“This is a new product that we plan to start loading next year. This is also tied to our goal for increasing the efficiency of the KN oil terminal. This year, unlike any other, has shown that long-term planning combined with a quick reaction to market changes and timely adaptation is necessary in order to facilitate losses in one product segment by diversifying the portfolio.

“Due to lower oil prices and margins of oil product refining this year, as their flows through KN terminals decreased, more oil and biofuels were loaded and more oil product storage services were provided.”

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10th December 2020