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Klaipedos Nafta initiates public procurement procedures

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LNG Industry,

The board of AB Klaipedos Nafta has decided to initiate public procurement procedures for the purchase of financial services amounting up to €300 million. This is a preparatory action related to the possible decision to redeem the floating LNG (FLNG) storage and regasification unit for the purpose of decreasing annual LNG terminal exploitation costs.

The company expects to use the credit to fulfil its financial obligations arising under the Contract on Lease, Operation and Maintenance of the FLNG storage and regasification unit (with amendments and supplements to it) signed by and between the company and Höegh LNG Ltd in March 2012.

The procurement contract will only enter into force subject to adoption of all necessary legal acts related to the commitment regarding the redemption of a FLNG storage and regasification unit, and approval of the contract by the General Meeting of Shareholders of the company and the board.

Edited from press release by

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