Economy

Understanding the Benefits of Installing an Underground Fuel Tank for Industrial Use

2024-12-20T11:22:12+02:00

For industrial enterprises, efficient fuel storage is essential for seamless operations and cost optimisation. An underground fuel tank provides a reliable solution for companies requiring substantial fuel reserves while addressing space and environmental concerns. In British conditions, where land use is often tightly regulated, and environmental standards are stringent, underground tanks offer unique advantages. Built from steel with additional corrosion protection, these tanks ensure longevity, compliance, and practicality for industrial applications.

Maximising Land Use and Aesthetic Appeal

One of the most significant benefits of an underground fuel tank is the ability to preserve above-ground space for other purposes, such as green areas or landscaping. In industrial settings where every metre of usable land matters, underground tanks provide an unobtrusive storage solution that blends into the environment.

This characteristic is particularly valuable in urban or semi-urban industrial zones in the UK, where space is limited, and businesses aim to maintain a visually appealing and environmentally conscious site. The land above an underground tank can be utilised as open ground or transformed into green spaces, meeting both functional and aesthetic objectives. By keeping fuel storage hidden, companies can enhance the overall look of their premises without compromising on operational efficiency.

Improved Safety and Environmental Responsibility

Safety is a priority for businesses handling large quantities of fuel, and underground tanks inherently offer enhanced protection. By burying the fuel storage below ground, companies reduce exposure to risks such as fire, vandalism, or accidental damage, making the site safer for employees and nearby communities.

Steel underground fuel tanks are coated with special anti-corrosion coatings, making them resistant to moisture and aggressive substances present in the soil. These coatings not only protect the tank structure from damage, but also significantly extend its lifespan, reducing the risk of leakage. To further enhance safety, additional features such as cathodic corrosion protection and fire protection systems are often incorporated. These solutions ensure that tanks remain reliable and secure for years, providing businesses with a consistent and safe fuel storage option. By adhering to stringent UK environmental regulations, such as those outlined by the Environment Agency, these tanks help companies prevent soil and water contamination while demonstrating a strong commitment to environmental responsibility.

Durability and Cost-Effective Longevity

Underground fuel tanks made from steel with specialised corrosion protection coatings are designed to endure challenging conditions over extended periods. These tanks are built to withstand soil pressure, fluctuating temperatures, and the moisture levels common in British environments.

Although the initial investment for an underground fuel tank may be higher than for above-ground options, its long lifespan and reduced maintenance requirements ensure a lower total cost of ownership. With fewer concerns about rust, damage, or frequent repairs, businesses benefit from uninterrupted operations and decreased overall expenses. For industries relying heavily on fuel, such as construction, logistics, and manufacturing, this reliability is invaluable.

Simplified Fuel Management and Security

Modern underground fuel tanks are equipped with advanced features to streamline operations. Automated monitoring systems provide real-time updates on fuel levels, usage rates, and system performance, enabling companies to optimise fuel management efficiently. These systems also support proactive maintenance by identifying potential issues before they escalate, reducing downtime.

Security is another notable advantage. By positioning the tank below ground, businesses significantly reduce the risk of theft or tampering. Unlike above-ground tanks, which are more vulnerable to unauthorised access, underground tanks remain concealed, offering a secure solution for fuel storage. This ensures that businesses can focus on their core activities without the risk of fuel loss or operational disruption.

Supporting Sustainable Business Growth

For UK industries prioritising sustainability and operational efficiency, underground fuel tanks represent an intelligent investment. By conserving surface space, enhancing security, and protecting the environment, these tanks align with modern business practices that emphasise long-term growth and environmental responsibility. The additional corrosion protection on steel tanks ensures they remain a dependable resource for years, supporting industrial activities without compromising safety or compliance.

Installing an underground fuel tank allows businesses to optimise their operations, reduce their environmental footprint, and utilise land effectively for green initiatives or open spaces. Whether managing a transport fleet or powering heavy machinery, this solution offers a practical, durable, and future-ready approach to fuel storage.

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The European Commission disburses nearly half a billion euros for the implementation of the plan "New Generation Lithuania"

2024-12-18T13:56:48+02:00

The European Commission (EC) disbursed EUR 463 million to Lithuania under the third supplemented payment request for the plan "New Generation Lithuania ". So far Lithuania has already received almost EUR 1.4 billion for the implementation of the plan "New Generation Lithuania".

By the decision of the European Commission, a total of EUR 532 million, including the advance payment, and excluding the advance payment – EUR 463 million, was allocated to Lithuania under the third payment request for the implemented milestones of the plan.

In total, calls for projects worth more than EUR 3.8 billion have already been announced, i.e. 100 % of the funds allocated for the plan. According to the latest data, project contracts worth EUR 3.56 billion were concluded, which represents 93 % of the funds allocated for the plan.

In the implementation of the plan "New Generation Lithuania", 66 milestones out of 218 were accounted for to the EC. Currently, 25 milestones are still under implementation, which are to be accounted for with other payment requests. In total, 91 out of 218 milestones have been implemented, 64 reform and 27 investment milestones have been achieved.

Like Lithuania, five more countries have submitted three payment requests, 15 countries have submitted 2 or fewer payment requests, 6 countries have submitted four or more payment requests.

www.finmin.lrv.lt

EIMIN: 300 new jobs to be created in Ukmergė district

2024-12-13T14:00:56+02:00

The Ministry of the Economy and Innovation has signed a major investment project contract with UAB Narbutas International for the construction of a new furniture factory in Ukmergė district. The project will create 300 new jobs and involve an investment of at least EUR 110 million.

"This is the eighteenth major investment contract and will contribute to even faster economic growth in Lithuania. All contracts are expected to create more than 4,900 jobs and attract more than €1.51 billion in investments," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

The project will be implemented in Ukmergė district municipality, where a modern and efficient office furniture factory will be built. The factory is expected to increase Narbutas International's production capacity by 3-4 times. This is the company's second factory - the first is also located in Ukmergė and 97% of its production is exported.

"We are pleased that the project and the investment in the new plant have received support at the national level. The new plant will not only allow the company to further increase its sales and exports, but will also contribute to the development of our regions," says Vitalijus Trakšelis, Development Director of UAB Narbutas International.

The Green Corridor initiative, developed by the Ministry of the Economy and Innovation and launched in 2021, makes it much easier and faster to set up a business, while also granting the status of a project of national importance and a 0% income tax rate for up to 20 years.

This year also saw the simplification of spatial planning, zoning and construction procedures for major projects designed to meet urgent national security and defence needs. This will enable the defence industry to start operations in Lithuania in the shortest possible time.
In addition, new requirements for large projects will come into force on 1 July, requiring a large company to create between 20 and 149 new jobs, and between 20 and 199 new jobs for investments in Vilnius, and ensuring that the wage of the 20 new jobs created by the investment project must be at least 1.25 of the average wage of the municipality where the investment is made.

www.eimin.lrv.lt

€55 million investment to improve energy efficiency in industrial enterprises

2024-12-09T16:46:52+02:00

The Ministry of the Economy and Innovation is launching a €54.89 million call to support the sustainable transformation of Lithuanian industry. The call will enable industrial enterprises in the country to invest in improving energy efficiency, thereby reducing energy intensity and harmful gas emissions.

"As part of our fight against climate change and the development of a green economy, we want industrial companies across Lithuania to comply with the European Union's environmental requirements: to pollute less and reduce emissions of harmful gases. The EU's requirements for businesses will only get tougher, so we are already inviting our country's industrial enterprises to take advantage of EU funding and modernise. This will create a greener and more sustainable Lithuania," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

The call provides up to €34.16 million for industrial projects in the Capital Region and up to €20.73 million for industrial companies in Central and Western Lithuania.

"This call will enable Lithuanian industrial companies to invest in adapting the latest and most environmentally friendly equipment and technological solutions to their production processes, thus ensuring the continuity of their operations. They will also be able to purchase the necessary technological equipment and upgrade the infrastructure of existing technological and auxiliary processes. This will further increase the competitiveness of Lithuanian industrial enterprises," said Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.

The maximum amount of funding available for the project is €1.5 million. Projects will be selected through a call for proposals.

The deadline for submitting project implementation plans to the Innovation Agency is 2 April 2025.

The full terms and conditions of the call are available on the European Union Investment website.

The measure to improve energy efficiency in Lithuanian industry is funded by the European Regional Development Fund and the Cohesion Fund.

https://eimin.lrv.lt/

S&P Global Ratings assessed the prospects of the Lithuanian economy

2024-12-06T14:45:24+02:00

The international credit rating agency S&P Global Ratings published a report on Lithuania, in which it assessed the prospects of the country's economy. It is noted that the Lithuanian industry is more resilient than its Baltic neighbours, the implemented fiscal policy, stable and low level of the state debt are positively evaluated.

Analysts of the agency Standard & Poor's assess Lithuania's situation as stable, therefore a decision was made not to change the ‘A’ long-term credit rating assigned to the country in May (stable outlook) and to publish only the country's report.

According to the agency's assessment, the Lithuanian economy will remain resilient, despite the continuing impact of geopolitical uncertainty. The country's economy is expected to grow by 2.3 % this year and accelerate to 2.9 % next year due to strengthening domestic and foreign demand. Analysts predict that in 2024-2027 Lithuania's budget deficit will reach an average of 2 % of GDP, while the state debt will remain at a stable low level. Average inflation, according to Standard & Poor's, decreased to 1 % this year and will reach around 2.5 % in the next three years.

Standard & Poor's is of the opinion that russia's war in Ukraine and geopolitical risks in the region will continue to affect Lithuania's public finances, economic growth and competitiveness in the medium term.

Lithuania has been assigned a stable outlook to reflect the agency's experts' expectations that the war in Ukraine will not spread to the territory of NATO members, including Lithuania. Experts believe that the risks due to regional geopolitical changes will be offset by the accelerating economic recovery due to stronger domestic and foreign demand, and the maintenance of a prudent fiscal policy.

The last time S&P Global Ratings reviewed Lithuania's rating was in May this year, setting ‘A’ (stable outlook) and leaving the ‘A-1’ short-term credit rating in effect.

In October, Lithuania's rating, ‘A (high)’ with a stable outlook, was affirmed for our country by the DBRS Morningstar credit rating agency, and Moody's Investment Service performed a periodic review of Lithuania's credit rating. The analysts of this agency assessed the situation in Lithuania as stable, therefore a decision was made not to change the long-term credit rating of ‘A2’ (stable outlook) assigned to the country previously and only to publish a report on Lithuania, assessing the prospects of the country's economy.

Meanwhile, Fitch Ratings reaffirmed the ‘A’ long-term credit rating previously assigned to Lithuania in November, leaving a stable outlook.

Additional information:

A credit rating is an indicator that provides investors/creditors with consolidated information on the level of the borrower’s ability to meet its financial obligations. A high credit rating indicates a lower risk of default of the borrower/issuer and, accordingly, lower borrowing costs.

S&P Global Ratings is part of a group of influential credit rating agencies such as Fitch Ratings and Moody’s Investors Service. For credit ratings they use particular grades and symbols and set a credit value to borrowing countries and companies by using standardized credit ratings.

www.finmin.lrv.lt

EIMIN: €10 million EU investment for sustainable products

2024-12-05T16:51:07+02:00

Lithuanian industry will be able to develop more innovative environmentally friendly products and meet international sustainability requirements more easily. The Ministry of the Economy and Innovation plans to allocate €10 million of European Union (EU) investment funds for this purpose.

"To remain competitive, companies need to move towards a low-carbon economy now - by finding sustainable solutions that strengthen the circular economy. That's why we want to help businesses prepare for this change more quickly. That's why we have earmarked funds to enable industry to develop technologies for sustainable products and to adapt more easily to new international sustainability standards," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

The Green Experiment will provide €9 million to micro, small and medium-sized industrial enterprises (industrial SMEs) in Central and Western Lithuania. The funding will enable companies to carry out research and experimental development (R&D) to develop technologies for the production of sustainable products.

The other activity, 'Eco-innovation', will provide €1 million of investment for industrial SMEs in Central and Western Lithuania. This funding can be used by companies to carry out technological audits of their production. Companies will also have the opportunity to carry out eco-design, eco-labelling and certification of sustainable products. All these activities must be carried out in conjunction with R&D activities.

"Eco-innovation allows companies to save up to 50% of production costs, up to 60% of energy costs in production processes and up to 70% of raw material demand. These investments will therefore enable industrial companies to make their products more environmentally friendly throughout the entire production cycle and to label and certify products that are good for the environment and human health," said Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.

The maximum amount of funding per project is EUR 500 000 under the Green Experiment activity and EUR 65 000 under the Eco-innovation activity.

According to the European Commission, eco-products could increase resource productivity by up to 30%, creating an additional 2 million jobs in the EU by 2030.

Project implementation plans can be submitted to the Innovation Agency until 17 March 2025.

The full terms and conditions of the call are available on the EU Investment website.

The Green Experiment and Eco-innovation actions are implemented under the EU Investment Programme 2021-2027.

www.eimin.lrv.lt

Rheinmetall and Lithuania sign agreements to begin construction of modern artillery ammunition plant

2024-12-04T14:33:33+02:00

Lithuania and Rheinmetall are beginning construction of a modern production plant for 155mm artillery ammunition. The necessary contracts, including a land lease agreement and a framework agreement for the procurement of 155mm ammunition, were signed at a ceremony held on 29 November 2024. The Prime Minister of Lithuania, Ms Ingrida Šimonytė, the Lithuanian Minister of the Economy and Innovation, Ms Aušrinė Armonaitė, and the Lithuanian Minister of National Defence, Mr Laurynas Kasčiūnas, attended the event.

With the start of construction in Baisogala, Lithuania is taking a further step towards strengthening its defence sector. A state-of-the-art production facility, including a shell manufacturing and load assembly pack, is being built on an area of around 340 hectares. The facility will begin operations in mid-2026 and, once completed, will be able to produce tens of thousands of 155mm calibre artillery shells per year. A total of 180 million euros are invested directly in Lithuania, and around 150 jobs will be created in the country. Local companies and the local economy will be fully integrated into the value chain.

“From day one, the dialogue between the Lithuanian Government and Rheinmetall has been based on a mutual understanding of this project's necessity and urgency. I am very pleased that today, this cooperation has enabled the beginning of construction of the artillery ammunition production plant. Our defence needs, the importance of the shortest possible supply chains, and strong allied partnership between Lithuania and Germany underscore the need to maintain the momentum as we continue to work in the same spirit of cooperation,” says Ingrida Šimonytė, Prime Minister of Lithuania.

“We at Rheinmetall are very grateful for the trust Lithuania has placed in us. It is and remains our aspiration at Rheinmetall to be one of the pillars of national and international security provision. This long-term partnership with Lithuania confirms this once again,” says Armin Papperger, CEO of Rheinmetall AG.

“In light of the growing security challenges, we must move beyond words and take concrete steps to strengthen our nation’s defence capabilities. By fostering large-scale investment projects and enabling local production of weaponry, we not only address national security needs but also reduce our dependence on arms procured from international markets. I have no doubt that Lithuania is moving in the right direction, and it is promising to see global leaders like Rheinmetall choosing to be part of this progress,” says Aušrinė Armonaitė, the Minister of the Economy and Innovation.

“The establishment of the German defense industry company Rheinmetall’s ammunition factory in Lithuania is not only significant in the context of the defense industry‘s development but will also address the needs of our armed forces. It was quite a complex process, but I am pleased and grateful to my colleagues that, through joint efforts, we managed to reach an agreement on this historic and important project for our national security,” notes Laurynas Kasčiūnas, the Minister of Defence.

As recently as June 2024, Rheinmetall and the Lithuanian Minister of Economy and Innovation Armonaitė signed an agreement regulating the establishment of the German defence company Rheinmetall in Lithuania. The project was granted the status of ‘state significance’. As a result, the Lithuanian Centre of Excellence for Ammunition will benefit from special investment and business conditions to speed up the construction of the plant.

www.eimin.lrv.lt

Defence bonds distributed for EUR 11 million

2024-12-03T16:45:22+02:00

Individuals, businesses and other organisations purchased defence bonds for EUR 2.3 million during the second issue placement, where 369 transactions were concluded. The funds raised will be used for the acquisition of major weapons, such as various anti-drone systems. Following the launch of the distribution of defence bonds this year, buyers purchased these bonds for more than EUR 11 million in total through two issue placements.

The second issue of the defence bonds was distributed on 4-18 November and will be redeemed on 19 November 2025. This issue will be subject to a 2 % annual interest rate.

During that period, Swedbank concluded 257 contracts for the purchase of the defence bonds for EUR 1.3 million, SEB – 112 contracts for EUR 1 million.

The Ministry of National Defence would consider purchasing different anti-drone systems for EUR 2.3 million, the value of which per unit ranges from approximately EUR 20 to 100 thousand. This may include different types of systems such as portable handheld anti-drone, drone detection systems, mobile drone detection systems, etc.

The defence bonds are targeted Government savings notes (GSN) to finance defence needs. The peculiarity of the defence bonds is that the State borrows from individuals and businesses cheaper than in the markets, and the latter thus contribute to the financing of the national defence.

The preliminary schedule for the issue of the defence bonds foresees that the third issue will be placed on 2-16 December 2024 and redeemed on 17 December 2025. The schedule is updated on a monthly basis and published on the website of the Ministry of Finance.

The defence bonds will be offered through the distributors selected by the Ministry of Finance, i.e. Swedbank and SEB. Natural and legal persons will be able to subscribe the defence bonds in Swedbank or SEB online bank, as well as in SEB bank branches. More information on the acquisition of the defence bonds can be found at www.gynybosfondas.lt and on the website of the Ministry of Finance.

The interest rate for the defence bonds for each issue shall be set taking into account the average interest rate for borrowing by the Government on behalf of the State of an appropriate maturity, but in any case, it may not exceed 2 %, as decided by the Seimas on 20 June 2024. The interest rate will be set and published together with other terms and conditions of the issue placement of the defence bonds on the website of the Ministry of Finance at least one working day before the commencement of the placement of the defence bonds.

When the time comes to redeem the defence bonds, nothing will have to be done - the money for the redeemed defence bonds and the interest due will be automatically transferred to the same account from which the payment for the purchased defence bonds was made.

About the Defence Fund:

We would like to note that the Defence Fund entered into operation on 1 October with the aim of increasing the national defence funding up to 3% of gross domestic product (GDP) in the long term, foreseeing additional sustainable sources of financing. Proceeds from taxes – diverting part of revenue from the corporate income, excise, municipal autonomous income to civil protection and extended Solidarity contribution for a year – will reach the Fund starting from 2025, while the opportunity to contribute to the Defence Fund for everyone started on 1 October by making a voluntary contribution (more information can be found on the Defence Fund’s website www.gynybosfondas.lt).

The resources of the Defence Fund will be dedicated for acquisition of weapons, equipment and ammunition necessary for the development of a division-level military unit capacity, infrastructure necessary for the German brigade in Lithuania, acquisition and development of counter-mobility measures, military mobility and double-purpose (civil and military needs) transport infrastructure projects, strengthening and development of the civil protection foreseen in the Law on Crisis Management and Civil Protection.

www.finmin.lrv.lt

EIMIN: EUR 15.3 million allocated for foreign direct investment projects

2024-12-02T15:58:30+02:00

The Ministry of the Economy and Innovation has allocated €15.34 million to 17 projects to encourage foreign investors to carry out research and experimental development (R&D) activities in Central and Western Lithuania.

"Focusing investments on research and experimental development is a sign of a progressive and innovative state. Therefore, by listening to the demand of investors and increasing the budget of the call for proposals, this funding will encourage them to contribute to the development of research in our country. This will create new jobs, as the investors implementing the projects will employ researchers and scientists," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

The largest number of funded projects was in the field of information and communication technologies - 12, health technologies and biotechnologies - 3, and new production processes, materials and technologies - 2. The largest amount of funding for a project is almost EUR 2 million.

"Investors who have received funding will mainly develop artificial intelligence and related solutions. Other projects will focus on advanced applications for personal and public health. These projects also strengthen cyber security, develop smart transport systems and the Internet of Things, produce safe food and develop sustainable agro-biological resources," said Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.

TUI Invest was open to foreign investors - micro, small and medium-sized enterprises (SMEs) and large companies working in partnership with SMEs. Applications were evaluated by the Innovation Agency.

The objective of the call is to promote high value added foreign direct investment: R&D and cooperation and technology transfer in the field of innovation between large companies and micro, small and medium-sized enterprises operating in the region of Central and Western Lithuania.

The TUI Invest measure is implemented within the framework of the European Union Investment Framework Programme for the period 2021-2027.

www.eimin.lrv.lt

EIMIN initiative accelerates development of artificial intelligence in Lithuania

2024-11-27T10:28:30+02:00

The Ministry of the Economy and Innovation has submitted to the Seimas for consideration amendments to the Law on Accelerating the Development of Artificial Intelligence (AI) in Lithuania. They will help speed up the implementation of the European Union (EU) law on artificial intelligence.

The amendments will make the Innovation Agency and the Communications Regulatory Authority the main institutions implementing the EU AI law. Lithuania will also become one of the first countries in the EU to launch a pilot AI environment - the so-called "AI sandbox".

"AI technologies offer huge potential for our entire economy. By creating a sandbox, we are enabling technology companies in Lithuania to safely design, test and develop AI solutions before bringing them to market. This will allow the country's companies to accelerate innovation and compete in the global market," said Aušrinė Armonaitė, Minister of Economy and Innovation.

The Innovation Agency has been appointed as the notifying authority, while the Communications Regulatory Authority will act as the market surveillance authority and the single point of contact.

"This new approach will allow Lithuanian companies to benefit more quickly from the opportunities offered by AI, and entrepreneurs will feel more confident that their technology meets European standards. In addition, the Innovation Agency will assess bodies that want to provide certification services for AI systems across Europe. This will help to further strengthen the country's innovation ecosystem," said Erika Kuročkina, Vice-Minister of the Economy and Innovation.

The Innovation Agency will assess compliance with the requirements set out in the AI Act for bodies wishing to become Notified Bodies and provide assessment services for AI systems across the EU.

Notified Bodies - companies, research and academic institutions - will carry out conformity assessment and certification of high-risk AI systems. This will contribute to the reliability and safety of AI systems placed on the market or of products incorporating them.

The Communications Regulatory Authority will carry out market surveillance of AI systems. This is particularly important in view of the rapid development of AI technologies.

The amendments also introduce a new function for the Innovation Agency to assess the business development potential of start-ups seeking public support. The purpose of the assessment is to distinguish start-ups from other small and micro enterprises in order to provide targeted incentives to companies in high value-added sectors with particularly high growth potential. This will ensure that support for start-ups is targeted at such enterprises.

These changes are enshrined in the Law on Technology and Innovation and the Law on Information Society Services.

The EU Artificial Intelligence Act establishes common rules for the use of artificial intelligence in all EU Member States. The law came into force on 2 August this year. With certain exceptions, it will apply from 2 August 2026.

https://eimin.lrv.lt/