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TGS Baltic Advises Klaipedos Nafta in Negotiations to Change Financing Mechanism for Klaipeda LNG Terminal

TGS Baltic Advises Klaipedos Nafta in Negotiations to Change Financing Mechanism for Klaipeda LNG Terminal

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TGS Baltic has advised Klaipedos Nafta on negotiations with the Ministry of Energy of the Republic of Lithuania and the European Commission to change the financing mechanism for the Klaipeda Liquid Natural Gas terminal in Lithuania.

On September 19, 2019, the EC approved the modification of the financing mechanism for the Klaipeda LNG terminal in Lithuania.

According to TGS Baltic, under the 2013 agreement, the leasing costs of the LNG terminal for 2019-2024 period were exclusively financed through a fee levied on Lithuanian gas consumers. According to TGS Baltic, to reduce the financial burden on consumers, Lithuania proposed to replace it with a loan guaranteed by the Lithuanian State. The EC found the proposed measure compatible with the Internal Market and approved the modification.

TGS Baltic did not reply to our inquiries about the deal.