Lithuania: Klaipedos Nafta Signs Agreement for Disbursement of Funds for LNG Terminal

AB Klaipėdos Nafta and AB Amber Grid signed the agreement for disbursement of funds of the liquefied natural gas terminal.

Amber Grid, performing the activities of the operator of the natural gas transmission system of the Republic of Lithuania, acts under the procedure and conditions set by legal acts as the administrator of the funds intended for compensation for the expenses of construction and operation of the LNGT, its infrastructure and connection, in full or in part. Meanwhile,the Company, currently performing the functions of the LNGT project implementation company, acts under the procedure and conditions set by legal acts as the recipient of the LNGT funds, having the right to receive the LNGT funds collected and administered by the administrator of the LNGT funds and to use them under the procedure set by legal acts.

By the said Agreement the Company and Amber Grid established and set out in detail the procedure and conditions of disbursement of the LNGT funds collected by Amber Grid to the Company. Under the Agreement Amber Grid will disburse to the Company 1/12 of the LNGT funds intended for compensation for the expenses of operation of the LNGT, its infrastructure and connection, as approved by the National Control Commission for Prices and Energy (NCCPE) for the reporting year, each month.

The amount of the LNGT funds approved for 2013 for compensation for the expenses of construction of the LNGT, its infrastructure and connection, is LTL 113,798,000.

As of 1 January 2014 LNGT funds shall be intended for compensation for the expenses of construction of the LNGT, its infrastructure and connection, which are not feasible for financing from other resources available to the LNGT project implementation company, as well as of all the fixed operating expenses of the LNGT, its infrastructure and connection, necessary for ensuring the operation of the LNGT.

[mappress]
LNG World News Staff, August 30, 2013