Klaipedos Nafta Transfers LNG Procurement to LITGAS

Klaipėdos Nafta and LITGAS signed on Tuesday the Agreement on Transfer – Acceptance of LNG Procurement, whereby the Company transferred all the functions, rights and obligations of the Company in connection with liquefied natural gas trade and natural gas supply activities to LITGAS as from the Agreement signature date.

Following the Agreement, LITGAS, which is a subsidiary established by the Company for performance of the LNG trade and natural gas supply activities, will continue LNG procurement, the purpose of which is to enter into the LNG procurement contract. 16 companies have expressed their interest in participating in the LNG procurement, a public notice of which was given by the Company in October 2012.

It is planned that the control over LITGAS will soon be transferred to Lietuvos Energija, UAB following Resolution No. 730 of the Government of the Republic of Lithuania, dated 21 August 2013, in order to implement the requirements of the Third Energy Package of the European Union regarding natural gas and electricity markets of the European Union and of the Law of the Republic of Lithuania on Electricity to unbundle energy supply and production and energy transmission activities.

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LNG World News Staff, September 12, 2013; Image: Port of Klaipeda