Minister of Energy Rokas Masiulis participated at the European Gas Summit organised by the British newspaper Financial Times and stressed that Europe was heavily dependent on energy imports.
© DELFI / Šarūnas Mažeika

he European Union (EU) imports 53 percent of the energy it consumes and Russia is the dominant exporter especially to Central and Eastern Europe.

"Dominance in energy import raises risks to energy security, often it results in the distorted market," said the Lithuanian energy minister.

The minister said that the European Energy Security Strategy, recently approved by the European Commission, is an important step seeking to ensure greater energy security among the EU member states.

"Lithuania also contributes to the implementation of this EU strategy - Lithuania's LNG terminal, which is going to be launched next week, has been included in the European Energy Security Strategy as one of the most crucial objects increasing Europe's energy security," Masiulis noted.

The energy minister informed that Lithuania's liquefied natural gas terminal is going to provide 4 billion cubic metres (BCM) of natural gas per year while all three Baltic countries - Lithuania, Latvia and Estonia - annually consume 4.8 BCM. Therefore, it is going to be the primary measure in monopolistic gas markets of the Baltic states to ensure gas supply.

According to Minister Masiulis, everyone will benefit from the alternative, Europe, Lithuania and even Russia, because relations in the area of energy will be depoliticised and move on to the business level, where decisions are made based on market rules.

It is forbidden to copy the text of this publication without a written permission from ELTA.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Lietuvos Energijos Gamyba initiates a unique pilot project in the Baltics – a battery energy storage system in the Kaunas hydropower plant

Lithuanian state-owned enterprise Lietuvos Energijos Gamyba , a part of Lietuvos Energija Group,...

Lithuania decides to buy out its LNG terminal

The Klaipėda liquefied natural gas floating storage and regasification unit (FSRU) terminal should be...

Lithuania to purchase LNG terminal's vessel amid cost cutting efforts

The Lithuanian government approved on Wednesday the legislation, opening doors for the buyout of the...

Lietuvos Energija is Acquiring a Wind Farm Development Project in Poland

Lietuvos Energija , a group of energy companies, further pursues the international strategy provided...

Latvenergo starts selling natural gas in Lithuania

Latvia's state energy company Latvenergo has started offering natural gas to its customers in...