Lietuvos Dujos, Gazpom Ink Gas Deal

Lietuvos Dujos of Lithunaia said it has entered into an agreement with Gazprom of Russia regarding a significant reduction in the price of natural gas imported by Lietuvos Dujos.

The share of natural gas imported by AB Lietuvos Dujos is approx. 40 per cent of the total amount of gas in the Lithuanian market.

“This agreement finalized long-running and complex negotiations between AB Lietuvos Dujos and OAO Gazprom. The representatives of both companies, in active cooperation with the boards of the companies and with due consideration of the interests of the shareholders and customers of AB Lietuvos Dujos, managed to find mutually beneficial solutions that will allow the reduction of natural gas prices for the customers of AB Lietuvos Dujos in the nearest future,” the company said in a statement

“The agreement signed is aimed at the consolidation of a long-term and sustainable relationship with the clients of the company – natural gas customers, the development of the company’s business, and ensuring a transparent and competitive market. The agreement sets forth the basic pricing principles for the period until the expiration of the long-term contract on natural gas supply, and forms preconditions for the renewal of this contract, as well as for further successful and mutually beneficial cooperation between the companies in the future development of the natural gas market in Lithuania,” it added.