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Lithuania's Klaipėdos Nafta to set up gas supply subsidiary

Bendrovė „Klaipėdos nafta“ stiprina bendradarbiavimą su Baltarusijos naftos kompanija.
Aurelijos Kripaitės/15min.lt nuotr. / Klaipėdos nafta
Šaltinis: BNS
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Klaipėdos Nafta (Klaipėda Oil), which is carrying out Lithuania's liquefied natural gas (LNG) terminal project, is planning to establish a subsidiary company named Dujų Tiekimas (Gas Supply) for LNG or natural gas supply operations.

Klaipėdos Nafta's management board gave the go-ahead for this on Friday, the state-run company said in a statement to the NASDAQ OMX Vilnius stock exchange.

It plans to launch natural gas supply operations after the LNG terminal in Klaipėda begins to operate.

"The chain ensuring LNG supply is a very important part of the project. Therefore, the decision to perform such activities via a subsidiary company is rational and logical. The new company will engage in LNG trade, thus ensuring the supply of LNG through the terminal," Klaipėdos Nafta CEO Rokas Masiulis said in a press release.

Klaipėdos Nafta spokeswoman Indrė Milinienė told BNS that the company is to be established in the near future.

The new company will have an authorized share capital of 1 million litas (EUR 300,000). Those sitting on its management board will include Inga Černiuk, the chancellor of the Lithuanian Energy Ministry; Mindaugas Jusius and Rytis Ambrazevičius, independent members of Klaipėdos Nafta's management board; Rokas Masiulis and Deputy Energy Minister Arvydas Darulis. The composition of the management board is yet to be approved by Klaipėdos Nafta's supervisory board.

The state holds a 72.32 percent stake in Klaipėdos Nafta, which is quoted on the Current List of the Vilnius stock exchange, and Achemos Grupe (Achema Group) owns 10.24 percent of shares.

Lithuania expects to build the terminal in Klaipėda by the end of 2014 to obtain a cheaper alternative to Gazprom-supplied Russian gas, which is widely used for heating in the country.

BNS
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