Energy, EU – Baltic States, Gas, Legislation, Lithuania, Transport

The companies will in the near future start the process of obtaining final clearance from the European Commission's Directorate-General for Competition, which is expected to be completed by late July, the state-owned energy holding company Lietuvos Energija (Lithuanian Energy), which controls Litgas, told BNS.

''At the initial stage, no substantive comments regarding the chosen model were made. It was not established that the setting up and operations of such a joint venture would restrict competition in the market," Vytautas Cekanavicius, Litgas' acting CEO, said in a comment to BNS.

"Also, the questions that need to be answered were explained and a clear schedule for formal procedures was set," he said.

It is planned that the planned joint venture will order a bunkering vessel, which will supply gas as a fuel to ships in the Baltic Sea, this year after talks with potential builders and will start operating in 2018. It was planned earlier that it would launch operations in 2017.

It is planed that the company will be established in Lithuania and will be 50/50% owned Statoil and Litgas or Lietuvos Energija.

Litgas and Statoil signed a preliminary agreement on the establishment of a joint venture last summer.