The Nordic Investment Bank (NIB) has signed a €34.8 million loan agreement with Klaipedos Nafta AB to finance an LNG terminal at the Port of Klaipeda, Lithuania.
The project will increase the security of the country’s natural gas supply and improve its competitiveness. The 20-year maturity loan for the LNG terminal allows Lithuania to purchase natural gas from several global suppliers.
The infrastructure consists of a floating storage and regasification unit, an offshore jetty facility located in the Port of Klaipeda and a gas pipeline connecting the facility to the national gas grid. The terminal will start operations on 3 December. This is the first terminal of its kind in the Baltic countries.
“We hope that NIB’s long-term loan for the LNG terminal will increase Lithuania’s competitiveness and energy security and help it to further integrate into the European energy market,” commented Henrik Normann, NIB President and CEO.
“We are delighted to conclude this loan agreement with NIB today. This long-term loan will enable further financing of the LNG terminal. So far, the project has been financed from our funds and a loan from the European Investment Bank. The financing from NIB is very important in order to continue the implementation of the project, which brings competition to the Lithuanian gas market for the first time ever,” added Mantas Bartuska, CEO of Klaipedos Nafta.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/regasification/27112014/nib-funding-lithuanian-lng-terminal-1872/