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2012-07-27 11:22:05 CEST 2012-07-27 11:23:05 CEST REGULATED INFORMATION Grigiskes AB - Notification on material eventGRIGISKES AB Group plans investment of 30 million Litas into modernization of the heat sectorVilnius, Lithuania, 2012-07-27 11:22 CEST (GLOBE NEWSWIRE) -- Seeking to enhance production competitiveness, to reduce impact of gas price increase on business and to modernize its heat (steam) production facilities, GRIGISKES AB Company Group intends to implement two projects in Vilnius and Klaipeda. Construction of a new minimum 17.5 MW thermal output biofuel boiler, which is partly to replace the existing boilers using natural gas, is planned on the premises of Klaipedos kartonas AB in the course of implementation of the project “Modernization of the existing boiler plant of Klaipedos kartonas AB through use of renewable energy resources”. It is planned that the new biofuel boiler will generate approx. 50 percent of heat (steam) required for the company's technological needs. Following completion of the project, Klaipedos kartonas AB will reduce the costs of thermal energy production by approx. 40 percent. In addition, it is planned that the project will enable to supply part of the heat generated at a lower cost to the district heating network of Klaipeda City. The assistance of up to 6.0 million Litas (1.7 million EUR) from the EU structural funds and the State Budget of the Republic of Lithuania was allocated for the planned Klaipedos kartonas AB project under 24 July 2012 Order No. 4-740 of Minister of Economy of the Republic of Lithuania. Total project costs are estimated at 18.0 million Litas (5.2 million EUR). Investment of 11.9 million Litas (3.4 million EUR) has been earmarked for implementation of the project “Construction of 10 MW steam boiler using renewable energy resources at GRIGISKES AB” which foresees building of a new minimum 10 MW thermal output biofuel boiler on the premises of GRIGISKES AB. Having regard to the current market situation, heat generated by the new boiler will enable to entirely abandon the use of fossil fuel used in production of heat required for the company's technological purposes. In addition, it is planned that the project will enable to supply heat at a lower cost to the district heating network of Vilnius City. The assistance of up to 5.95 million Litas (1.7 million EUR) from the EU structural funds and the State Budget of the Republic of Lithuania was allocated for the planned GRIGISKES AB project under 24 July 2012 Order No. 4-740 of Minister of Economy of the Republic of Lithuania. Total project costs are estimated at 11.9 million Litas (3.4 million EUR). Gintautas Pangonis President of GRIGISKES AB (+370-5) 243 58 01 |
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