LITGAS, liquefied natural gas (LNG) supply and natural gas trade company, which belongs to energy company group Lietuvos Energija, signed common non-binding LNG trade agreements with seven global LNG supply companies.
FSRU Independence, a floating LNG storage and regasification unit to be used as an LNG imported terminal in Lithuania.
© Photo by Klaipėdos Nafta

This paves way for Lithuanian market to receive gas from companies accounting for approximately half the volume of the world's liquefied natural gas supply.

According to LITGAS, the company will be able to purchase LNG fast and effectively on the spot market, and to dynamically respond to changes in the international market. LITGAS will be able to offer alternative pricing tied to global LNG markets.

The company will start supplying LNG once the new Klaipėda LNG Terminal is operational.

Common agreements establish provisions related to payment, shipping, responsibilities, confidentiality and other conditions. By concluding the agreements LITGAS acquired potential suppliers whose offers to buy or sell LNG it will be able to choose later on. For each such purchase separate contracts will be made, stating the exact amount of gas, price and supply conditions.

In February the Ministry of Energy confirmed UAB LITGAS as a supplier of gas for the LNG Terminal. The minimum amount of gas to be supplied in order to ensure continuous operation of the terminal is 540 million cubic metres.

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

Chances for Lithuania to get more funding for N-plant closure increasing – expert

A proposal for the European Parliament to approve the allocation of 780 million euros for the...

European Parliament's rapporteur proposes EUR 780 mln for Lithuanian N-plant closure

The European Parliament is recommended to approve 780 million euros in funding for the Ignalina...

Energmin calls deal on synchronization scenario 'decision of the decade'

Lithuania, Latvia and Estonia have reached a long sought-after agreement that opens the way for the...

Technical scenario for Baltic grid synchronization approved in Brussels (Updated)

The project for the synchronization of the Baltic power grids with the Continental European system...

Danpower agrees to put off amicable deal's implementation

German energy company Danpower has agreed to postpone the implementation of the State of Lithuania's...