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AB Klaipedos Nafta concludes LNG agreement

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Hydrocarbon Engineering,

AB Klaipedos Nafta has concluded an agreement regarding the partial support of an LNG reloading station, small scale LNG equipment for an LNG terminal and LNG jetty equipment from EU funds.

AB Klaipedos nafta (the company) received a notification from the Innovation and Networks Executive Agency regarding a Grant Agreement for the Blue Baltics action – this being an LNG infrastructure facility deployment in the Baltic Sea region (the action), which was signed on 26 October 2016.

According to this agreement, the company together with the action partners has acquired the right to use the financial support of the Connecting Europe Facility (CEF, part of the EU financing programme). Under this action the company received €4 million for the LNG reloading station, small scale LNG equipment for LNG terminal and LNG jetty equipment.

Information regarding confirmation of EU preliminary financial support was announced in the company’s notification on material event on 12 July 2016.

Information on the approval of the general meeting of shareholders of the company to implement investment project of LNG distribution station was announced in the company’s notification on material event issued on the 25 August 2015 and 8 March 2016.

The construction of the company’s LNG reloading station is ongoing and the foreseen start of operations of LNG reloading station is second half of 2017 (2H17).

AB Klaipedos Nafta previously has received the EU support for the LNG reloading station construction, FEED and other preparation works.

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