Vopak ready to set up 250 mEUR regional LNG terminal in Estonia

Vopak E.O.S., the largest independent oil product terminal operator in the Baltics, which wishes to build a liquefied natural gas (LNG) terminal in Muuga, east of Tallinn, also remains ready to set up an additional regional terminal that is estimated to cost approximately 250 million euros.

“The Tallinn LNG terminal is one of the projects to which the EU has given priority and which is eligible for support,” Vopak spokesperson Olga van Kampen told BNS. “The size of the investment depends on the size of the terminal planned for the Muuga port.”

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Estonia is 38th in World Bank’s logistics performance ranking

Estonia has risen by one notch, to the 38th position, in this year’s World Bank logistics performance rankings, coming in ahead of its southern neighbor Latvia but behind Lithuania.

Countries’ performance was measured according to six criteria: customs, infrastructure, international shipments, logistics competence, tracking and tracing, and timeliness.

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Port of Tallinn to expand terminals

Over the next 15 years, the Port of Tallinn is slated to carry out major reconstruction in the vicinity of the capital’s Old City Harbor, build new entertainment and retail areas near the planned Reidi Road, expand the port’s A and D terminals as well as change the area’s traffic solution.

Port of Tallinn Real Estate Development Manager Ahto Ader told BNS that the company is planning to make the area surrounding the Old City Harbor a more active city space which can be more easily traversed.

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Estonia gets new borrower database

Together with credit information and risk assessment firm Krediidiinfo, several Estonian banks are starting a new borrower database on Monday. Provided the private individual in question agrees to such an exchange, the system will facilitate the exchange of information about loan applicants.

In addition to Krediidiinfo, which has offered this kind of service since the early 1990s, LHV Bank, Bigbank, and Inbank are participating in the project, among others.

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Thousands of new IT specialists needed in Estonia

The Estonian IT business sector suffers from a lack of qualified personnel, yet the number of applications for IT courses in higher education has remained more or less the same. To make matters worse, only half of those taking up IT studies complete their degree.

The Tallinn University of Technology even changed its conditions of application to more carefully select students actually able to finish. Where a year ago all those were admitted who met minimum requirements, the conditions are now a lot stricter, ETV’s “Aktuaalne Kaamera” newscast reported.

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New Nasdaq CEO to liven Estonian stock exchange

Kaarel Ots, who took over as manager of Nasdaq Tallinn a week ago, said on Tuesday that it looked like things were finally beginning to move listing stocks and bonds of Estonian state-owned companies on the securities market.

“The stock market needs businesses, including state-owned ones, there’s been talk about this for years,” Ots told Eesti Päevaleht in an interview. “Holdings in state companies and state bonds are a mantra I’m not going to give up. While it’s a basic thing that large companies are listed, you can’t force anybody to list. I intend to work a lot with medium-sized and small companies to get them on the alternative market or the bond market.”

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Estonia’s Health Insurance Fund works with a big loss

For 2016, the government budgeted a loss of around €9m. This gap in the fund’s finances would then have been covered using some of its reserves. But after the first half of the year, the fund is already running at a €33m loss, and about to become a factor in the bugdet discussions for next year.

This loss occurs despite the fact that the number of people insured by the fund has decreased by 15,392 and that revenue from social tax allocated to healthcare has grown by €12.6m, daily Postimees wrote on Friday.

Source: ERR News

Estonian fish processing businesses hope to double exports to Japan

The Estonian fish processing sector hopes to double its exports to Japan next year, industry executives attending a fish fair in Tokyo told BNS.

“We expect sales in Japan to reach at least seven million euros in 2017,” said Valdur Noormagi, manager of the Estonian Association of Fisheries. He added that exports to Japan this year are estimated to total 3 to 3.5 million euros in value.

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Number of stateless people in Estonia keeps shrinking

According to the Ministry of the Interior, the number of stateless permanent residents of Estonia has decreased by more than 45,000 over the past decade, with 80,754 left early in 2016.

Three factors contributed to the decrease, namely taking on citizenship of a third state, becoming an Estonian citizen, and death.

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Businessman Oliver Kruuda doesn’t agree with suspicions

Businessman and owner of Tere AS, Oliver Kruuda, said in an interview with ERR’s TV news on Thursday that he didn’t agree with the suspicions raised against him, but that Tere would likely need to be broken up. Kruuda had been arrested earlier this week on suspicions of tax fraud.

Kruuda said in the interview that there were different interpretations of the situation rather than a tax fraud case. He doesn’t see a reason why Tere AS should file for bankruptcy, but instead said that the company would be reorganized.

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