Agreement on Lithuania’s LNG funding reached

Sep 06, 2012

KLAIPEDA - Klaipeda State Seaport Authority, in defense of their interests, set a ceiling for the funds it will invest in Liquefied Natural Gas (LNG) terminal quay. The Lithuanian oil company Klaipedos Nafta will cover the overdraft.

Finally, after having agreed on about 50 debated issues, the Klaipeda State Port Authority and Klaipeda Oil signed a supplementary agreement to the cooperation contract signed on July 5, Vakaru Ekspresas reports.

In May, Klaipedos Nafta estimated that the quay will cost 276 million litas (79.9 million euros), while in June the cost stood at 176 million litas. However, when the experts of the Port Authority reviewed the prices the quay cost dropped to 131 million litas.

It was agreed that the Port Authority will invest 54.2 million litas, including VAT - 66 million litas and Klaipedos Nafta will have to invest about 65 million litas. The investments will be refunded by the gas rate.

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