European Union antitrust authorities have approved the state aid that Lithuania's government is providing for the construction and operation of a liquefied natural gas terminal, the EU said Wednesday.
European Union antitrust authorities have approved the state aid that
Lithuania
's
government is providing for the construction and operation of a liquefied
natural gas terminal, the EU said Wednesday.
The 448 million euros ($605.4 million) in government support is being provided
for an LNG terminal at Klaipeda Seaport and aims to increase the security of
gas supplies within
Lithuania
,
which is currently entirely dependent on gas supplies from Russian energy giant
Gazprom OAO (GAZP.RS) the EU said.
"The aid will reduce
Lithuania
's
dependence on a single source of gas supplies and enhance its security of
supply," EU competition commissioner Joaquin Almunia said in a statement.
"By diversifying the gas supply sources, the terminal will also stimulate
competition between gas suppliers, which in turn will benefit consumers,"
he added.
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