Lithuanian Prime Minister Algirdas Butkevičius says that an agreement of an agreement with the Norwegian gas company Statoil have already been agreed in order to review the price of liquefied natural gas (LNG) supplied via the LNG Terminal. The head of Government said that the agreement is expected to be signed soon.
Statoil
© Reuters/Scanpix

Lithuania has worked out a deal with the Norwegian company Statoil to review its contract for liquefied natural gas (LNG) supply, Prime Minister Algirdas Butkevičius has said. A new agreement might be signed soon.

"We expect it to be signed in the nearest future. We keep in touch nearly every day. Based on the information provided to me today, the agreement has not been signed yet, because some of Statoil's experts could not do it physically as they were taking part in arbitration," Butkevięius told reporters on Wednesday after a government meeting.

Lithuania has singed a five-year contract with Statoil for supplying gas to its LNG terminal in Klaipėda. However, as gas consumption in the country has plummeted, Litgas, the country's gas company, wants to review the terms.

If Lithuania and Statoil agree to cut gas supply volumes, it would substantially reduce regulated costs of gas that arise from the necessity to realise surplus volumes, which in 2016 may reach approximately 280 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

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...