Mantas Burokas, a 28-year-old lawyer, is the CEO of the new company, which was registered on Wednesday, confirmed Aidas Petrošius, spokesman for the Center of Registers.
VAE SPB has an authorized share capital of 10,000 litas (EUR 2,900) and is 100 percent owned by VAE.
Burokas also sits on the management board of Visagino Energetikos Remontas (Visaginas Energy Repairs) and has previously worked at Lietuvos Energija (Lithuanian Energy).
VAE spokesman Sigitas Baltuška has told BNS recently that the company will be established to exercise the rights and duties of the national investor.
If the Seimas (parliament) endorses a package of documents related to the project, a concession agreement with Japan's Hitachi on the Visaginas nuclear power plant - the country's largest-ever energy project at an estimated 16 billion to 18 billion litas (EUR 4.6-5.2 b) - is expected to be signed by 28 June at the latest. A project company should be established by that time.
Hitachi, the strategic investor, would own 20 percent of shares in the project company and Lithuania would hold 38 percent. Latvia and Estonia would take stakes of 20 percent and 22 percent, respectively. It is likely that the plant will initially have only two shareholders, VAE SPB and Hitachi, and Latvenergo and Eesti Energia will join in at a later stage.
