Energy, Financial Services, Legislation, Lithuania

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Vilniaus Energija suspected to have deliberately overpaid for biofuel

BC, Vilnius, 26.03.2015.Print version
The Ministry of Energy in Lithuania intends to appeal to the Financial Crime Investigation Service (FNTT) and the Prosecutor General's Office requesting to launch a pre-trial investigation over biofuel purchase transactions completed by energy company Vilniaus Energija, writes LETA/ELTA.

Minister of Energy Rokas Masiulis said at a press conference on Thursday that the ministry has information that Vilniaus Energija bought biofuel in January-February under bilateral contracts and not through the biofuel exchange as required, thus overpaying by 40%. It is estimated that Vilniaus Energija overpaid approximately by EUR 0.3 million per month.

 

According to the energy minister, it is likely that this way related persons, first of all company Bionovus, made a profit, while Vilnius residents did not receive cheaper heat. The Ministry of Energy informed Prime Minister Algirdas Butkevicius about the suspicions.

 

Minister Masiulis said it was strange that the company attempted to blame the Liquefied Natural Gas Terminal for the price of fuel for heat generation, when in fact certain other companies benefited.

 

Heat generating companies were obligate to purchase 50% of biofuel through the biofuel exchange since 2015.





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