Company briefs - 2004-09-02

  • 2004-09-02
Oksalis, the Vilnius-based weapon trader, is gearing up to become the first Baltic company to launch production of ammunition, which it will follow with the manufacture of hunting shot cartridges next year.

Investments into a new ammunition plant should amount to some 1 million litas (290,000 euros), according to the CEO. The Lithuanian Weaponry Fund has issued to Oksalis a license enabling the company to manufacture up to 500,000 units of ammunition per year.

Lithuania's Finance Ministry said it objected to Mazeikiu Nafta's request to impose a 200-liter cap on petrol deliveries from Russia and Belarus as a way of counteracting gasoline smuggling. "Our compliance with the request would contradict the agreements concluded with Russia and Belarus, which can hardly be amended. Moreover, any attempts to modify the agreements would require much time, which may have painful sequels for Lithuania's economy," said Ingrida Simonyte, director of the ministry' tax department.

Liepajas Metalurgs, a steelworks company, said it would invest some 12 million euros in modernizing its steel production facility, using profits raised during the previous years. The company will replace 40-year-old equipment in what will be the first phase in reconstructing the entire plant, the Baltics' only steel mill. The first phase is to start in September and should be completed within 15 months.

Cheese maker Rokiskio Suris has reduced its stake in the daily Zemaitijos Pienas to 7.19 percent from 10.93 percent. "Rokiskio Suris does not consider this holding as a long-term strategic asset. The stake is an investment, which should bring in certain gains," Dalius Trumpa, Rokiskio Suris' director for production, said. The holding in Zemaitijos Pienas might be either reduced or increased, depending on the price, he added.