Company briefs - 2007-08-08

  • 2007-08-08
Estonia's Trigon Capital said it is currently developing a major business park project, encompassing 574,000 square meters, in St. Petersburg, although a final decision must be made by Russian authorities. The plot is located next to the Moscow-St. Petersburg highway, a vital commercial artery for Russian business. CEO Ulo Adamson said "everything depends on preparing the necessary documents," which could require another year. He said it was too early to say how large the project would be in terms of investment.

Lithuanian Railways will not reopen a rail spur between Mazeikiai, home of the country's oil refinery, and Klaipeda, the country's only port, according to reports. The company is dismantling the line and forcing freight from Mazeikiai to be rerouted via the Siauliai district, which is a longer route. Mazeikiai city officials claim that the Transport Ministry is responsible for the move and has been supporting Lithuanian Railways at the expense of other economic sectors, the Lietuvos Rytas daily wrote.

AirBaltic announced that its 2006 revenues amounted to 117 million lats (167 million euros), a 38.7 percent increase year-on-year, while earnings reached 4.2 million lats. In 2005 the Riga-based company recorded a loss. The airline increased the number of routes to 53 's up from 39 in 2005 's including 14 routes to and from Vilnius. President Bertholt Flick said the company managed to expand despite unfavorable market conditions and has a sound basis for future development.