Monday, October 27, 2014

Lithuania Hopes for Energy Independence, Security With New LNG Terminal

Lithuania's liquefied natural gas (LNG) terminal "Independence" is a geopolitical project that will lead to energy independence and security of the whole Baltic region, Lithuania's president said at the official ceremony of welcoming the off-shore liquefied natural gas vessel Independence in the port of Klaipeda.

"Klaipeda's LNG terminal will cover almost 90 percent of gas needs of Lithuania, Latvia and Estonia," Dalia Grybauskaite, Lithuania's president, said at the ceremony.

"Lithuania has managed to build the terminal alone. It took just three and a half years to implement the project. We have become a secure state in what concerns energy. It [the terminal] will become a guarantor of energy security for the whole Baltic region. We will always be able to help our neighbors in case they need it," the president said, adding that Lithuania will no longer be dependent on the "imposed gas prices".

Independence storage-vessel for the LNG terminal has the capacity of 170,000 cubic meters (approximately 6 billion cubic feet), and is leased by the state-owned energy terminal operator Klaipedos Nafta AB from Norway's Hoegh LNG Holdings liquefied natural gas services provider for the period of 10 years. Lithuania also has a contract with Norway's oil and gas company Statoil ASA to supply the terminal with LNG for five years at the prices comparable to Russian energy giant Gazprom's export to the country after this year's price reduction, according to Lithuania's Energy Minister Rokas Masiulis.

The first delivery of LNG is scheduled for Tuesday.

(RIA Novosti)

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