Vilnius Municipality and the municipal heat supply company Vilniaus Silumos Tinklai (VST) are seeking 560 million euros from France's Veolia, a former operator of the Lithuanian capital's heating sector, in their Stockholm arbitration dispute, up from the previously announced amount of over 400 million euros.
© AFP/Scanpix

"Our claim amounts to 560 million euros for the benefit of VST and the city," Vilnius Mayor Remigijus Simasius said at a news conference on Tuesday, adding that the claim is backed "by serious arguments".

According to the mayor, the main arbitration hearings will be held between August 17 and September 4 this year.

"Those two weeks at the end of August are crucial," he said.

Under an agreement signed by the municipality and VST, most of the legal costs in the arbitration dispute will be covered by Profile Investment, a Luxembourg-registered venture capital fund. Its success fee will depend on the amount awarded.

Veolia (former Dalkia) operated Vilnius' heating grid between 2002 and 2017 via its local subsidiary, Vilniaus Energija. Vilnius Municipality took over the assets in 2017 when the 15-year lease expired and now holds almost 100 percent of shares in VST.

Veolia, in turn, is claiming 22 million euros in damages from the city.

It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Axioma Metering has doubled its turnover and starts the production of new meters

Axioma Metering, the Lithuanian manufacturer of smart meters expanded last year and continues its...

Avia Solutions Group demands that Lithuanian intelligence 'dispel doubts'

Avia Solutions Group has demanded that the Lithuanian State Security Department (SSD) make public all...

Revolut launches as a bank in 10 European markets

Revolut, the global financial platform with more than 15 million customers worldwide, has...

Sources: businessman Stonys detained as part of probe into VAT fraud scheme (1)

Lithuanian businessman Rimandas Stonys, active in the energy area, has been detained as part of an...

Vilnius Airport opens Covid-19 testing site (1)

From March 1st, passenger travelling though Vilnius Airport will have the option of conveniently...

Top news

Lithuania to consider limiting movement restrictions to hardest-hit municipalities

The Lithuanian government's emergency commission proposes to lift the ban on non-essential travel...

Group of MPs want Lithuania to help Polish women end pregnancies due to fetal defects

A group of Lithuanian parliamentarians suggest that the government offer assistance to Polish women...

213 new COVID-19 cases

On Sunday, 213 new coronavirus cases were detected in Lithuania. In total, 202 430 COVID-19 cases were...

Zelensky's adviser in Vilnius: Russia's Sputnik V vaccine is part of hybrid war

The Ukrainian government considers the Russian COVID-19 vaccine Sputnik V to be part of hybrid war in...

Report: Russia may use cargo tracking system as lever against neighbors

A new unified digital cargo tracking system developed by Russia is a new lever of influence over...