The deal, which includes a clause on the assignment of the rights of claim to some of the funds earmarked for the terminal’s construction and dividend restrictions, had been approved unanimously, Romualdas Zadeika, a representative of Achemos Grupė (Achema Group), which owns 10.24 percent of shares in Klaipėdos Nafta, told BNS.
The deal with Nordea also stipulates that Klaipėdos Nafta cannot pay any dividends without prior consent of the bank until the completion of the terminal’s construction. The government has not yet taken a decision to relieve Klaipėdos Nafta of dividend payment.
In line with the contract, which Klaipėdos Nafta signed on February 7, the bank will provide its services until Junuary 30, 2015, with an option to extend the contract for up to one year under the same terms (interest will be based on three-month VILIBOR rate plus 0.94 percent bank’s margin). The maximum amount of the overdraft might be increased by 30 percent, to 156 million litas.
Lithuania expects to build the terminal in Klaipėda by the end of 2014 to obtain a cheaper alternative to Gazprom-supplied Russian gas.