Financial Services, Latvia, Legislation, Markets and Companies, Port

The companies have submitted their requests for compensation to Prime Minister Maris Kucinskis. The companies note that the government ordered the ministers of economics, transport, environmental protection and regional development and finance to ensure that the government’s representatives on the Freeport of Ventspils Board vote against port’s involvement with Nord Stream 2, which in turn resulted in Nord Stream 2 withdrawing its lucrative business proposal.

Noord Natie Ventspils Terminals is seeking EUR 2.5 mln compensation for the lost earnings from cargo handling services, EUR 700,000 for cargo storage services, as well as EUR 2.5 mln for the provision of technological elements (yards/equipment). Baltijas Ekspresis has requested a compensation of EUR 2.6 mln the company claims it would have earned by providing railway shipping logistics.

“The project would have provided work to the terminal for one and a half years and invaluable support to its technological development and experience. Our terminal’s involvement in Nord Stream 2 was approved at the project’s headquarters in Switzerland, with the Latvian government expected to announce its official position on involvement in providing logistics services via Ventspils port,” Aivars Gobins, a board member of Noord Natie Ventspils Terminals, said in an application to the government. He also said he was ready to prove the size of the lost revenue.

Noord Natie Ventspils Terminals is a multifunctional cargo reloading center, a terminal handling ro-ro, container and general cargos in the Baltic Sea region.

Baltijas Ekspresis is a privately-owned licensed and certified rail cargo carrier.