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In Brief - 2003-08-28

  • 2003-08-28
Oil trader boosts exposure in Estonia
The Lithuanian oil refinery Mazeikiai Nafta, which opened a trading house
for wholesale in oil products in Estonia, has ambitious plans for the
future. Mazeikiai Nafta, which is owned by the Russian oil company Yukos,
already controls around 70 percent of the petrol market and 15 percent of
the diesel fuel market in Estonia.
Tonu Paaro, chief executive officer of Mazeikiai Nafta Trading House
Estonia, did not rule out that the strategic objective of the refinery is to
become sole supplier of fuel to the Estonian market. He also said that
Mazeikiai Nafta would conduct its wholesale in oil products only through the
Baltic trading houses.
Toomas Saks, president of the Estonian association of oil companies, said
that the refinery could soon start dictating prices on the whole Estonian
fuel market. This worries other fuel retailers as well as consumers who fear
that this may lead to a rise in prices. (Baltic Business News)

Swedish support for Lithuanian power
The Swedish government has decided to grant close to 1 million euros of
support for the energy sector in Lithuania.
This support is intended as partial financing for a new transformer station
with demonstration features, whose purpose will be to supply electricity to
a new sewage treatment plant in the city of Siauliai. The decision will
allow for access to a secure electricity source for the sewage treatment
plant and provide modern technology in preparation for the future
modernization of the Lithuanian electricity network.
"It is important for the sewage treatment plant in Siauliai to acquire a
secure electricity supply. A more modern, more environmentally friendly and
more efficient electricity network for Lithuania, moreover, will be a
welcome development. The government's decision will open the way for Swedish
companies to share their considerable expertise," Swedish Minister Jan
Karlsson said. (BBN)

Forestry giant to enter Latvian market
One of the biggest forestry enterprises, UPM-Kymmene, is getting ready to
enter Latvian pulpwood market.
According to Peka Rajala, deputy director of UPM-Kymmene's forestry affairs,
the corporation intends to create a new company in Latvia from their newly
established Estonian daughter company UPM-Kymmene Forest with the purpose of
buying raw materials for cellulose production units in Finland. Rajala added
that the company wanted to ensure that the delivery of goods would be
constant and stable. Industry experts assume that the prices for pulpwood
will rise due to market redivision.
When asked whether the intentions of UPM-Kymmene might be affected by plans
to build a cellulose factory in Latvia, Rajala hinted that UPM-Kymmene would
develop its plans in Latvia according to its own needs and does not
presently think that the Baltic Pulp cellulose factory will be implemented.
(BBN)