international magazine
08 / 2007

Let them talk…
Nikolay Yermolayev, President of Dinaz holding, Latvia

Latvian holding Dinaz initiated this year an ambitious project of developing in Latvia a new refinery and oil terminal. Many experts raised their eyebrows, as Mazeikiu Nafta refinery in Lithuania already provides sufficient amount of oil products to the Baltic market, while products shipments from Russia and Belarus ensure sufficient amount of motor fuels for the Baltic market and for the transit terminals in the region. However, under closer look it appears that there's economical feasibility and a lot of common sense in what the Latvian company is doing. Nikolay Yermolayev, who chairs successful holding already for many years is not as naive as might have appeared to some judgmental experts.