Baltic Business News

Achema invests in renewable energy Achema Hidrostotys will launch its second hydroelectric power plant in Kavarskas on 11 June to generate 6.5m kWh of energy annually. The company is also planning to construct a 60 kWh capacity wind energy park. The investment into Kavarskas power plant amounted to nearly LTL 10m, which should pay off in 12 years. The capacity of the plant is 1,000 kWh. A special fish ladder was constructed to allow fish to spawn up-stream. The fish ladder cost about 12 percent of the total value of the project. UAB Achema Hidrostotys was established in 1996. Its main goal is to generate energy from renewable sources - water and wind. The company currently owns Kavarskas and Pastrevys small hydroelectric power plants.
(BBN)
New canned fish plant opened in Palanga Today, UAB Baltijos Delikatesai officially opens a canned fish plant in Palanga, the planned output of which is 2m cans per year. The plant has been operative since May and plans to sell the major part of its output to the Russian market. The company wants to enter a very competitive fish processing market with high quality Lithuanian production. Arturas Sudimtas, sales manager of the company, says the company should earn a competitive advantage because of ecological and high quality production. "The products will be somewhat more expensive than foreign produce, but the quality will be high. We are using special recipes and different supplements which should impress our consumers," Sudimtas said. Baltijos Delikatesai belongs to Baltic Atlant company group, which also owns a shipping company Baltlanta and ship repair and construction company Laivite.
(BBN)
Rannila Lietuva opens new works Steel roofing manufacturer UAB Rannila Lietuva opens a new works in Vaidotai, which will allow the company to double its capacities. The company will be able to manufacture up to 6,000 tonnes of steel roofing units per year and expand its warehousing facilities. Investment in the new works made up LTL 7.5m. "The company plans to acquire and launch three types of production lines, which will help reduce the production cycle. Lithuania will now manufacturer products, which were earlier imported from Finland, thus, prices should also go down," said Gailimantas Venskutonis, general manager of UAB Rannila Lietuva. Last year, the company's turnover made up LTL 33.4m and planned turnover for 2003 is LTL 39m.
(BBN)
Credit insurers launch internet service Credit insurer Lietuvos Draudimo Kreditu Draudimas launches an internet service aimed at companies which insure against customer insolvency. On entering a company code, the website www.kredit.lt/kredit/ will provide information about whether the company has been granted a credit limit. The system is connected to LDKD databases and will facilitate customers' decisions on the size of credit limit to be granted or credibility of the buyer.
(BBN)
NORD/LB Lietuva has intergrated
Insurance and leasing subsidiaries of bank NORD/LB Lietuva became fully integrated into the international company NORD/LB. Non-life insurer Lietuvos Zemes Ukio Banko Draudimas, life insurance company Lietuvos Zemes Ukio Banko Gyvybes Draudimas and leasing firm Lietuvos Zemes Ukio Banko Lizingas changed their names into NORD/LB Draudimas, NORD/LB Gyvybes Draudimas and NORD/LB Lizingas respectively. (BBN)
Mazeikiu Nafta opens trade centre Oil refinery Mazeikiu Nafta has set up a subsidiary trade centre UAB Mazeikiu Naftos Prekybos Namai to supply production directly to customers. The chairman of the board of the new company is Vladislavas Paulius, Mazeikiu Nafta board member. Sarunas Kliokys, former deputy general manager of Mazeikiu Nafta, was appointed CEO. The company's headquarters are in Vilnius. It plans to open offices in Latvia, Estonia and Poland.
(BBN)