The document was signed during the 3rd business forum of the Eastern Partnership Initiative on 21 May. The document was signed by Belarusian Oil Company Director General Alexander Demidov, Chairman of the Board of the Latvian company Andrei Maksimov. Belarusian First Deputy Economy Minister Alexander Zaborovsky and Latvian Economy Minister Dana Reizniece-Ozola attended the ceremony.

The minister of foreign affairs Edgars Rinkevichs was deeply satisfied by the agreement reached during the forum of the Eastern Partnership Initiative between Belarusian Oil Company and SIA Woodison Terminal on acquisition of terminal for the transshipment of oil products in the Riga port. He noted that this would further contribute to cooperation in the transport and transit areas.

Belarus is a high volume exporter of oil products to Latvian ports and transit via Latvia. 5.1 million tons of cargoes were carried in 2014 which is 0.5 million tons less than in 2013.

According to Alexander Demidov, the parties have been preparing the agreement for about two years. The document's implementation will enable to streamline the delivery of Belarusian oil products and will secure the stable flow of these commodities via the Riga port.

Director General has also mentioned that reconstruction of one of the terminals in Riga Freeport is scheduled. This would take between two and two and a half years.

SIA Woodison Terminal was founded in 1996.The company operates on the territory of the Free Port of Riga. SIA Woodison Terminal provides export / import services of oil products which are delivered to the Terminal by railway and exported further on.

According to the website the terminal’s annual transshipment capacity is up to 1.26 million tons of oil products. There is a shore tank farm consisting of 12 shore tanks with a total capacity of 27 300 m3.

 Technical characteristics of berths enable us to load the tankers with lengths up to 150m and longer , with breadth up to 30m and draft up to 8,9 meters.