BALTPOOL administered trade in state-owned timber begins
Starting from 10 January, the electronic trading system for raw timber produced in State-owned forests will be administered by BALTPOOL UAB, the energy exchange operator belonging to the State-managed EPSO-G group of companies. Prior to that, the Directorate General of State Forests under the Ministry of the Environment was responsible for the trade in State-owned timber.
The purpose of the wholesale trading system for raw timber and timber harvesting residues produced in State-owned forests administered by BALTPOOL is to provide all market participants with an opportunity to acquire timber in conditions of competition and in this manner ensure the maximum return for the State.
The first trading session will take place as soon as the State Enterprise “Valstybinių miškų urėdija” notifies the administrator about the need to hold a timber sale auction.
According to data from the Lithuanian State Forest Service, the value of State-owned forests at the beginning of January 2016 amounted to approximately EUR 2.4 billion.
Approximately 2.4 million cubic metres of raw timber and timber harvesting residues are sold in Lithuania per year via the electronic trading system.