Lithuania and Norwegian company Hoegh LNG Holdings Ltd. (HLNG.OS) Friday signed a deal to build a liquefied natural gas terminal as the Baltic state strives to cut its politically-charged dependence on Russian supplies.
Lithuania and Norwegian company Hoegh LNG Holdings Ltd. (HLNG.OS) Friday
signed a deal to build a liquefied natural gas terminal as the Baltic state
strives to cut its politically-charged dependence on Russian supplies.
Under the 10-year lease contract, the offshore unit will be delivered by
December 2014,
Lithuania
's
state-owned energy company Klaipedos Nafta AB (KNF1L.LV) said in a statement.
"The floating storage and regassification unit will help
Lithuania
to
reduce its dependency on a single gas supplier and will grant access to
international gas markets," said Rokas Masiulis, director general of
Klaipedos Nafta.
Under the terms of the contract,
Lithuania
is to
pay up to $156,200 a day during the lease period. Thereafter Klaipedos Nafta,
of which the
Lithuania
state
owns almost 71%, will have the right to purchase the unit and operate it
itself.
Currently, Russian energy giant OAO Gazprom (GAZP.RS) is
Lithuania
's
only natural gas supplier, through a pipeline across
Belarus
. The
two sides are locked in a bitter dispute over pricing and
Lithuania
's
moves to bring in European Union-piloted gas market reform legislation, which
Gazprom says will harm its business interests.
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