The cooperation contracts signed between Lithuanian energy companies with the US liquefied natural gas supplier Freeport LNG brings major political and economic benefit for Lithuania, says the country's energy expert Romas Švedas.
© Reuters/Scanpix

In his words, it is also a significant signal for Russia that has been dominating the Lithuanian gas market for years.

"The Kremlin used natural gas as an instrument or even a weapon for its goals in foreign policy and geopolitics, while Gazprom was the soldier that executed the policies. Signing of the agreement in America during the US-Baltic summit shows that Lithuania and other Baltic states are no longer dependent on energy supplies from Russia and can choose a reliable supply partner that is also a NATO partner," Švedas, Lithuania's former energy vice-minister, told BNS.

In his words, another signal for Kremlin is the fact that the United States is becoming a major player on the gas supplies market in Europe, which means that the US and Russia may be confronted in a competition battle.

The economic significance of the deals with the US company is also important, as the document will benefit Lithuanian consumers and the country's economy, said Švedas.

"The liquefied natural gas market in Lithuania is finally operational, there is competition and different gas suppliers who are starting to compete. The competition benefits the people of Lithuania and the economy," he added.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

New trends in startup world: unicorns' aspiration is not key anymore

The question when the first unicorn with over 1 billion of US dollars in value will appear in the...

Shopping frenzy: biggest retail chains plans allocate millions of euros for new stores

Lithuania's five biggest retail chains – Maxima , Lidl , Rimi, Iki and Norfa – have...

Construction launched on EUR 15 mln hotel in Kaunas

Construction is being launched on a 15-million-euro Moxy hotel, part of the Marriott Group , in...

Revolut moves operation launch date in Lithuania (1)

The United Kingdom's fintech startup Revolut has moved the operation launch date of its specialized...

“Shazam” co-founder before his visit in Lithuania: it will be new experience



You need to fail and learn many lessons before you finally reach your success. This can be proved by...