Company briefs - 2010-03-04

Mar 04, 2010

Estonia’s fishing industry is planning to build three large refrigerating plants on the Estonian coast to enable quick freezing of fish, right after they are caught, bringing higher quality allowing for higher export prices, reports National Broadcasting. Currently, refrigerating plants in Estonia are small and spread out all over the state. The new plants, to be built in Haapsalu, Paldiski and Parnu county will be large, with daily refrigeration capacity of 200 tons. Estonian Fisheries Association head Valdur Noormagi said that building the refrigeration plants makes the Estonian fisheries sector more competitive. Ninety percent of fish caught in Estonian waters is exported, most of it to Russia and Ukraine, but also to Kazakhstan and Moldova.

Developers have begun preparations for a 85-hectare logistics park near Tallinn that will cost more than 4 billion kroons (256.4 million euros), reports Aripaev. Manager Veiko Murruste said that construction will start in the first quarter of this year. There are not many large clients in Estonia, he says, and warehouses are scattered all over the city of Tallinn, with existing space often too small. Consolidating warehouses helps to cut costs, said Murruste. The project is mainly financed by loans, and leading Estonian banks are interested in financing. The company will develop the logistics park in stages. “Being realistic, it will take ten years to fully complete it,” he said.

Estonian energy giant Eesti Energia announced that it has managed to secure a third of the free electricity market that will be launched on April 1, reports Postimees Online. Eesti Energia has concluded electricity sales contracts with free market consumers amounting to 475 GWh. Company board member Margus Rink said that large customers can choose whether to fix their electricity price and protect themselves from price fluctuations on the future bourse, fix the price partially, or buy electricity at the ‘spot’ rate on the bourse. “So far, companies have preferred fixed price agreements lasting till the end of the year,” said Rink.

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