Lithuania’s president urges to drop idea of offering 20 percent of future LNG terminal to foreign investors

“The president supports the idea that Lithuania should build the terminal as soon as possible. At the same time, she proposes to amend the project somewhat so that Lithuania could have bigger control over the terminal... She asks to ... erase the provision that 20 percent may be sold to another supplier,” the adviser said as the government considered a bill on the LNG terminal.

He specified later that, in President’s opinion, private shareholders should not have a blocking stake and the government should hold at least 66 percent plus one share in the terminal.

The Cabinet failed to agree on the LNG terminal bill on Monday. The government is expected to resume its consideration next week.

Energy Minister Arvydas Sekmokas said that the President’s proposals would be taken into account. “We have heard an observation and will put it in that bill. I think that it will be possible to vote on those observations when adopting the law.”

Under the proposal worked out by the Energy Ministry, Lithuania may offer up to 20 percent of shares in future state-owned LNG terminal operator to the suppliers of equipment, technology or gas.

Sekmokas said last week that the shares could be offered to those market players which were active in the LNG business, for example, to Norway’s Hoegh, which would lease the vessel, or to US Cheniere, that Lithuania had signed a letter of intent with.

Jean Abiteboul, president of international supply and marketing unit of US energy company Cheniere, told BNS last May that the company would consider investing in Lithuania’s LNG terminal and taking a minority stake in the planned facility.