Oil Recovery, a subsidiary of Eco Baltia, has won a public procurement tender announced by the Riga Freeport Authority for the provision of ship-generated waste and polluted water reception and disposal services at the Freeport of Riga, the company announced in a statement to the Nasdaq Riga stock exchange.
The contract will come into force on July 1, 2025.
According to the terms of the tender, the total contract value is EUR 4,451,778.00, and the duration is three years.
Under the agreement, Oil Recovery will provide collection and disposal services for various waste types, including oil-contaminated ship waste, wastewater, passively fished marine litter, and air pollutants such as ozone-depleting substances.
“At Eco Baltia Group, we see this contract as an important step toward promoting the sustainable development of Latvian ports. Oil Recovery’s expertise and modern approach to pollution control will make a significant contribution at the national level—both in improving environmental quality and ensuring compliance with international standards. This is a strong example of how business and environmentally responsible solutions can go hand in hand,” said Jānis Aizbalts, Head of the Environmental Sector at Eco Baltia Group.
“The results of this tender confirm our expertise in a highly specific and strictly regulated industry, where quality, safety, and compliance with international standards are critical. We are ready to deliver top-tier services, backed by more than two decades of experience and advanced technological capabilities that enable us to effectively address the port’s daily environmental protection needs,” said Nauris Bertmanis, CEO of Oil Recovery.
Oil Recovery was established in 2024 and has a share capital of EUR 950,800. The company is fully owned by Latvijas Zaļais Punkts, which is part of the Eco Baltia group.
Eco Baltia closed 2024 with its highest-ever audited consolidated turnover of EUR 261.54 million, marking a 20% increase compared to 2023.
Eco Baltia’s shareholders are the INVL Baltic Sea Growth Fund (52.81%), the European Bank for Reconstruction and Development (30.51%), and Māris Simanovičs (15.93% through Enrial Holdings and 0.75% through Penvi Investment).
Source: BNS
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