Lithuania: LITGAS Approved as Designated Supplier of LNG Terminal

LITGAS , a unit of Klaipedos Nafta, was approved as a designated supplier which will have to ensure the efficient operation of an alternative gas supply source – the LNG terminal, Ministry of Energy of the Republic of Lithuania said in a statement.

From the start of 2015, LITGAS will have to enter into a contract with a supplier of liquefied natural gas in order to supply a minimum required volume of LNG  (540 million cubic meters) that is required to support the continued operations of the LNG terminal, according to the statement.

“An alternative gas supply source is actually coming to the market. Hopefully LITGAS, Ltd. will guarantee not only a continuous operation of the LNG terminal, but also successfully carry the liquefied natural gas trading and gas operations, which will help to reduce price of gas for Lithuanian consumers. At this stage, LITGAS, Ltd. have a special obligation and responsibility as they must ensure the gas supply at competitive prices,” Lithuanian Minister of Energy Jaroslav Neverovič said.

In March 2012, Höegh LNG of Norway entered into a firm ten year time charter with Klaipedos Nafta for a floating LNG storage and regasification unit to be used as an LNG imported terminal in Lithuania.

The project is allocated in the harbor of Klaipeda in Lithuania.

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LNG World News Staff, February 11, 2014; Image: Höegh LNG