Klaipėdos Nafta (Klaipėda Oil), the developer of Lithuania's liquefied natural gas (LNG) terminal project, has signed a 20-year, 34.754-million-euro loan agreement with the Nordic Investment Bank (NIB).
LNG Terminal
© M.Milinio nuotr.

"We hope that NIB's long-term loan for the LNG terminal will increase Lithuania's competitiveness and energy security and help it to further integrate into the European energy market," NIB President and CEO Henrik Normann said in a press release on Thursday.

The LNG terminal will increase the security of the country's natural gas supply and improve its competitiveness, the NIB said.

The NIB will finance up to 25-30 percent of the project's total cost. Klaipėdos Nafta last year secured a loan of up to 87 million euros from the European Investment Bank (EIB).

The state-owned company’s investments in the LNG terminal amount to around 350 million litas (EUR 101m). The port of Klaipėda has invested another 130 million litas in the project.

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