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Klaipedos Nafta looks to buy FSRU by 2024

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LNG Industry,

According to Reuters, Klaipedos Nafta has received permission from Lithuania to buy an LNG storage vessel by 2024.

This comes as the European nation shores up energy supplies and looks to decrease its dependence on Russian gas.

According to Reuters, Klaipedos Nafta is presently leasing a floating storage and regasification unit (FSRU) from Hoegh LNG. Since 2014, the use of the vessel – named Independence – has enabled Lithuania to import LNG, helping to end the monopoly that Gazprom had on the country’s gas supplies.

The CEO of Klaipedos Nafta reportedly told Reuters that the company will issue a tender for the FSRU between 2021 and 2024. According to Reuters, the current lease on the Independence is only 10 years, running out at the end of 2024, but one option available to Klaipedos Nafta is to actually purchase said vessel.

Reportedly, the state will guarantee a loan to the company of up to €160 million to help fund the purchase of Independence, or another FSRU. Currently, the nation pays €66 million/yr to lease and operate the Independence, and up to an additional €30 million to support it.

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LNG import news Natural gas news