Estonian Air has announced that it will slash ticket prices in response to the stabilizing cost of fuel. Airline President Andrus Aljas said that the company would go ahead with plans to eliminate the fuel surcharge contained in ticket prices by the end of the month. The Scandinavian airline group SAS 's which owns a 49 percent plurality share in Estonian Air 's announced at the end of October is was cutting surcharges for tickets to domestic and European flights by three euros, and by five euros for long-distance flights. SAS said the changes were the result of a lower volatility of fuel prices. SAS owns a 49 percent stake in the company, while the Estonian government holds 34 percent and the Cresco investment bank holds 17 percent.
Lithuania has signed an amicable settlement with Sweden's Svenska Petroleum Exploration to pay the Scandinavian company $12.6 million (9.8 million euros) in damages. The claim is part of a five year old legal dispute. The agreement was signed by Justice Minister Petras Baguska acting on behalf of the government, as well as the representatives of Svenska and Lithuania's companies Geonafta and Genciu Nafta.