Lithuania’s energy terminals operator, Klaipedos Nafta*, plans to invest 36.5 million euros in expanding its petroleum product terminal, plus its project of creating an onshore Liquified Natural Gas distribution station.
A final decision on the level of investment will be made by shareholders in a meeting due on August 25, 2015.
In 2015, the company will begin the expansion of its petroleum product terminal, which will enhance the company’s export/import capabilities for light petroleum products.
The total investment in expanding the terminal’s capabilities is expected to reach around 9.5 million euros.
“The expansion of the light petroleum product terminal will enable our customers to reload larger gasoline and diesel fuel tankers, and accept several types of light petroleum products for simultaneous reloading,” the Klaipedos Nafta CEO, Mantas Bartuska.
“The expansion and the provision of additional services would make the terminal more attractive and efficient, particularly on a regional scale, as we are seeking to become the key terminal for the exports of petroleum products from Belarus.”
Klaipedos Nafta also intends to invest up to 27 million euros in its onshore LNG distribution station project.
The resources will include own and borrowed funds as well as the European Union’s support money.
“We seek to become an LNG distribution hub in the Baltic region,” continued Bartuska.
“In line with our plans, the distribution station will be launched early in 2017, when we will be able to load LNG onto LNG delivery trucks.”
Klaipedos Nafta is quoted on the Secondary List of the NASDAQ OMX Vilnius Stock Exchange. The Lithuanian state owns 72.32 percent of the company’s shares.
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* Klaipeda Gas