Lithuania’s biggest natural gas company Lietuvos Dujos announced that it has signed an agreement with the Russian giant Gazprom over the price of natural gas. The deal, which will last until the end of 2015, came about after Lithuania’s Energy Minister Jaroslav Neverovic yesterday announced that the country was in talks with Qatar and Norway over the supply of lower-cost LNG than that the company received from Gazprom.
Lietuvos Dujos said that the deal represented a ‘significant reduction’ in the price of importing of natural gas. The company said that imports of natural gas in the Lithuanian market stood at 40%.
A statement from the company also reiterated that the agreement would focus on a long-term and stable relationship with the company’s customers, building, business development, transparent and competitive markets in the country.
It added: “The agreement sets out the basic principles of pricing to long-term natural gas supply contract expires and the preconditions for the successful continuation of mutually beneficial cooperation between the two companies in the future development of the natural gas market in the Republic of Lithuania.”
Edited from various sources by Ted Monroe
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