Company briefs - 2008-04-16

  • 2008-04-16
Poland's PKN Orlen is set to revamp management of Mazeikiu Nafta. Lithuanian Economy Minister Vytas Navickas said that PKN Orlen intended to introduce a new management model at the refinery designed to broaden the powers of the supervisory board and boards and give key decision-making powers to a collegiate body. The model differs from that set out in Mazeikiu Nafta's current articles of association and in the shareholders' agreement signed in June 2006. Company shareholders, including the government, which owns a 10 percent stake, will be asked to amend the articles of association at their general meeting to be held in late April.

Eesti Energia's grid operator, Pohivork (Main Grid), launched a tender to find a consultant who would help it with preparations for laying a second underwater power cable between Estonia and Finland. According to the invitation, the consultant must make the selection in principle as regards the route of Estlink 2, draw up the tender documents for a sea bottom survey, advise the company on matters regarding maritime surveys and obtain the necessary base data. The second undersea cable will be built by Eesti Energia and Fingrid, Finland's grid operator. Estlink 2 will likely have a capacity of 635 megawatts and cost approximately 250 million euros. It is due to be completed in 2013.

A Lithuanian court slapped a fine of some 90,000 litas (26,086 euros) on Turkish-owned Tez Tour for poor service. According to the Lietuvos Zinios daily, the claim was lodged by several holidaymakers demanding compensation for their accommodation at a Turkish hotel different from the one they had booked. In addition to the compensation, Tez Tour will also have to cover the plaintiffs' litigation costs. Earlier the court had ordered Tez Tour to compensate three Siauliai residents for a botched vacation in Cyprus. The tour operator appealed against that decision.