Latvijas Kugnieciba (LASCO) plans to order two more tankers from Croatian shipbuilders, bringing their order of new ships to 10. LASCO said that under the agreement, it had the right to commission another two tankers in addition to the eight ships previously agreed upon. A company spokesman said contracts still had to be drawn and signed for the construction of the two additional tankers.
The commissioned ships, which will be delivered in 2008, will be ice-class double-hull vessels with holding capacities of 51,800 tons each and will be designated for carrying oil and chemical products.
A commission of the Tallinn City Government chose a joint offer by Siemens OY and Siemens AS at 24.8 million kroons (1.5 million euros) as the tender winner for implementing the city's financial management model. While Siemens' offer was the cheapest, the price actually counted for 30 percent of the criteria used in evaluating the offers, said city finance director Ahti Kallaste.
The SAS Group is not going to buy more shares in Estonian Air at this point but plans to increase its shareholding in the carrier over the longer term, said Bertil Ternert, SAS's director for corporate communication. "We acquired 49 percent of the shares in Estonian Air last year and have an option for further shares, but we're not buying more shares at the moment," Ternert said, adding that SAS had a long-term strategic plan to acquire a holding of more than 50 percent in Estonian Air.
The European Bank for Reconstruction and Development has obtained approval from the Lithuanian Competition Council for an equity investment in Litesko, the French-owned operator of heating systems in nine Lithuanian towns. The competition watchdog gave the EBRD the green light on May 20 to buy Litesko's new share issue worth 12.7 million litas (3.7 million euros), which will raise the bank's stake in the company from 7.8 percent to 30 percent. The council ruled that the transaction would not lead to any changes in concentration levels of the steam, hot water and heating supply markets, system maintenance or service markets.
Russia's Yukos said that it has no intention to raise its stake in the Mazeikiu Nafta oil company. Pursuant to agreements between the Lithuanian government and Yukos, the Russian concern, which owns 53.7 percent of the company, may execute the option to acquire an additional 15.3 percent via a $75 million issue of new stock by Oct. 29. However, Russian sources said that the company would decline the option since it sees no sense in the purchase of additional shares in Mazeikiu Nafta, the management of which has already been secured for the Russian group.
Czech Airlines said that it was increasing the number of flights between Riga and Prague to 12 per week due to Latvia's entrance to the EU. The airline has also introduced new prices for passengers traveling between the two cities, as well as between Prague and eight other European destinations.
