Gazprom is one of the world’s largest suppliers of natural gas and provides the gas needs of a quarter of Europe. The European Commission has been investigating the supply giant since 2012 for suspected the anti-completive practices of overcharging customers and blocking rival supply companies. The minister of energy stated that Gazprom’s supplying to Lietuvos Dujos at such inflated prices, higher than Latvia, Estonia and Germany were being charged, was harmful to Lithuania’s consumers, the economy and Leituvos Dujos as a company.

A previous case filed by the Lithuanian government against Gazprom before the international arbitration court in Stockholm, is demanding compensation of 5 billion Lithuanian litas ($2 billion) for previous pricing. The new arbitration initiative will hopefully speed up talks with Gazprom to finally achieve a discount. Gazprom stated that Leituvos Dujos agreed to pay prices based on a formula that is linked to oil pricing and that it would not change its pricing practices in Eastern Europe in spite of regulatory pressure. The current sale agreement is in place until the end of 2015. The Gazprom said in September it could reduce prices if Lithuania signed a “comprehensive agreement” and withdrew the existing claim from the Stockholm court. Lithuania plans to erect a liquefied natural gas (LNG) terminal at end of 2014, and its top power utility Lietuvos Energija expects to start importing LNG in 2015.

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To coincide with the start of the race a seminar on ‘The Challenges of Electro mobility in the Nordic Countries’ was held yesterday in Tallinn. The focus of the seminar was to attract interest from foreign investors in Estonia’s developments in the region of electric vehicle manufacture. Attending the conference was Cathy Rogers, Vice president of IBM, Jarmo Tuisk, Ministry of Economic Affairs and Communications and Christer Asplund, a mentor with extensive experience in the business of electric vehicles.

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Last year Dzintars were reported to be in discussions with a US retail chain who were interested in the company’s eco-cosmetic products. They presently produce more than 750 different perfumes, cosmetics, skin, hair and facial care products and other bio-cosmetic products. Dzintars products are exported to 21 countries, mostly in the Baltics, but also the Commonwealth of Independent States, Germany, Sweden, Italy, Austria, Bulgaria and Israel. As internationally customers are already familiar with their products and their turnover moves from strength to strength, now would be a favourable moment for Dzintars shops to go global.

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