Lithuania looking to alter LNG supply deal with Statoil

Falling demand in Lithuania has urged the country to try and renegotiate its LNG deal with Statoil of Norway, according to Lietuvos Energija’s CEO Dalius Misiunas. 

Speaking to Reuters, Misiunas said the government asked for the contract renegotiation noting that the total annual volumes could be reduced.

He added that the contract could be altered before the end of the year when Lithuania’s gas supply deal with Gazprom expires. Lietuvos Energija could take part in an auction by the Russian giant that is planned December.

Under the five-year agreement which Litgas, a part of Lietuvos Energija signed with Statoil in 2014, Lithuania imports 540 million cubic meters of gas, but Misiunas said the imported LNG is more expensive than gas imported from Russia via a pipeline.

Lithuania, that is reportedly expected to receive a cargo from Cheniere’s Sabine Pass LNG facility in the United States, has also been looking to re-export LNG on international markets after an approval had been granted by the parliament.

LNG World News Staff; Image: Höegh LNG