Olis (Odesa) has designed and launched a new turnkey cereal processing plant for Tõrvaaugu Mahe Talu (Leibre, Estonia) with a capacity of 24 tons per day, said Dmitry Kisilevsky, deputy chairman of the parliamentary committee on economic development.
“The aggregate groats mill is based on the advanced Optymatik-G-24 technology, which involves processing buckwheat grain into kernels. The production complex also includes aspiration, gravity transport, pneumatic transport, electronics and automation,” he wrote on Facebook on Wednesday.
According to the MP, Olis’ technologists adapted the equipment to the architectural features of the Estonian customer’s production facility and implemented multi-format packaging – from big bags to small packaging.
“To manufacture the equipment for the new cereal mill, Olis took advantage of the state program of affordable loans “5-7-9”, he said.
Kysylevsky added that Olis produces more than 200 types of equipment for processing grain into flour and cereals, cleaning and quality control of grain. The capacity of the groats mills it designs and installs ranges from 15 to 300 tons per day.
The share of exports in the company’s sales is 25%. The level of localization of its equipment is about 75%. The company employs 211 people.
“The program to compensate 25% of the cost of agricultural machinery is already helping the plant to compete in the domestic market with producers from Turkey, China, Switzerland, Poland, and Canada. (…) The opportunity to sell equipment with buyers using government grants for processing (up to UAH 8 million on a co-financing basis) is also relevant for the company. After all, the cheapest cereal processing plant produced by Olis costs from UAH 4 million,” Kysylevsky said in a statement.
According to the company’s website, Olis LLC has been operating in Ukraine for 20 years, developing, manufacturing and installing equipment for grain cleaning, processing and quality control. It has created, among other things, one of the world’s largest grain cleaning drum separators, Luch-300, with a capacity of over 300 tons per hour, which is installed, among others, at the Starokostiantyniv Grain Processing Plant, Transgrainterminal in Chornomorsk, and other enterprises in Ukraine and abroad.
Currently, it exports its products to more than 35 countries: from Canada to Tanzania, from the EU to Central Asia.
According to the Clarity Project, in 2024, the company earned UAH 10.4 million in net profit, compared to UAH 1.4 million in losses last year, with revenue increasing by 53% to UAH 234 million.
The co-founders of Olys LLC are three Odesa-based entrepreneurs – Oleksandr Vereshchynskyi (30%), Oleh Vasyliev, and Larysa Ostapenko (35% each).
President of Ukraine Volodymyr Zelenskyy met with President of Estonia Alar Karis in Kyiv.
According to the press service of the President of Ukraine, Zelenskyy thanked Karis and his wife for participating in the First Ladies and Gentlemen Summit, which will take place in Kyiv today.
The President of Ukraine also noted Estonia’s decision to allocate 0.25% of GDP annually for the defense needs of our country. This is enshrined in the bilateral security agreement.
“We are grateful for your support in all spheres and a very important agreement on security cooperation between our countries. We are very pleased to have so many strategic partners,” the Head of State emphasized.
In addition, he thanked Estonia for its active participation in the restoration of Ukraine, in particular, for the projects already implemented in Zhytomyr region.
Particular attention was paid to Ukraine’s European integration. Zelenskyy noted Estonia’s significant expert support for Ukraine in the negotiation process.
The Estonian Ministry of Finance expects zero growth of the country’s economy at the end of the current year.
According to the forecast published by the Ministry, the reduction in external demand in the second half of last year was stronger than expected, and the expected turn to economic recovery did not take place. This will have the consequence of the lack of growth in the current year.
The Ministry of Economy notes that last year, the exchange of goods contracted globally, driven by the cooling of the Chinese economy and geopolitical tensions. In developed countries and Europe, this was compounded by the rapid rise in interest rates, which was launched to curb inflation, and the deterioration in capital- and energy-intensive activities due to the energy crisis.
Nevertheless, according to the Ministry’s assessment, the factors restraining the development of the Estonian economy have been receding in recent years: price growth has slowed down, wage growth has continued, interest rates have gradually decreased, and there is no high unemployment.
The Estonian Ministry of Finance prepares a financial and economic forecast twice a year, in spring and summer.
Estonia’s GDP in 2023 has decreased by 3.1%. At the end of March 2024, the Bank of Estonia gave a forecast that the country’s GDP decline would slow down to “minus” 0.6% this year and the economy would grow by 3.2% in 2025.
Earlier Experts Club think tank and Maxim Urakin released a video analysis of how the GDP of the world’s largest economies has changed over the past decades, more video analysis is available here –
https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3
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ECONOMIC GROWTH, ESTONIA, EXPERTS CLUB, GDP, MACROECONOMICS, MINISTRY OF FINANCE, URAKIN
Estonia has become the first European country to create a legal scheme to use frozen Russian assets to help Ukraine, in the coming weeks it should receive the government approval, the Postimees newspaper reported on Tuesday.
“The decision is almost ready, it was discussed at the Cabinet, but some details still need to be clarified. We can also demonstrate to other countries how the solution can work legally,” Prime Minister Kaja Kallas said.
The scheme created in Estonia provides that Ukraine documents the damage that Russia inflicts on it, and then the Russian property in Estonia is transferred to Ukraine. After that, Russia can settle accounts with Ukraine. If it does not do this, then it will show that all the damage was caused by itself.
According to Foreign Ministry Vice-Chancellor Erki Kodar, Estonia has prepared amendments to the law on international sanctions that will ensure the financial responsibility of the aggressor state for damage caused by the most serious violations of international law.
He added that the damages would be compensated by persons who have a proven connection with the formation of Russian policy or contribute to its implementation. “Therefore, compensation for losses will continue to occur only at the expense of the assets of certain individuals, that is, in parts,” he said.
According to the Financial Intelligence Unit, at the beginning of June, EUR 34.8 million were frozen in Estonia, including more than EUR 8.7 million in the advance payment accounts of the Tax and Customs Board. They do not include other tangible assets such as the value of companies and fixed assets, receivables or lost profits.
The Republic of Estonia has handed over to the Ukrainian Armed Forces all of its 155 mm howitzers, the General Staff of the Armed Forces of Ukraine said on Monday.
According to the General Staff, dozens of 155 mm FH-70 and 122 mm D-30 howitzers, thousands of 155 mm artillery shells, hundreds of M2 Karl-Gustaf anti-tank grenade launchers with ammunition, support equipment for artillery units were also transferred to Ukraine.
In addition, Estonia will continue to provide both basic and specialized training to the Ukrainian Armed Forces.
The Estonian volunteer rescue association Paasteliit on Thursday handed over 10 mobile houses Containex as humanitarian aid to the State Emergency Service of Ukraine.
According to the press service of the Main Directorate of the State Emergency Service of Ukraine in Lviv region, these containers are adapted for living, each of them has a living and shower room, as well as a toilet. Heat is generated by air-type heat pumps.
“We are grateful to our colleagues for this valuable gift, as a long winter awaits us ahead, and, unfortunately, there are more than 7 million internally displaced persons in Ukraine and millions more living in territories where the enemy can destroy their homes at any moment. Thus, Ukrainian rescuers will be able to provide temporary warmth and shelter in the most critical areas,” the message says.
