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International Internet Magazine. Baltic States news & analytics Wednesday, 16.10.2019, 03:25

LNG Gorskaya To Obtain Financing

BC, Riga, 07.03.2017.Print version
The Estonian LNG Gorskaya Overseas Ou signed the agreement with investment company Kinlan Communications, London, Great Britain, on attraction of financing in the project of construction of the marine LNG centers, "Aurora", the representative of LNG Gorskaya told BC.

It is supposed that in May-June, 2017 LNG Gorskaya Overseas OU will attract in addition up to 19 mln euros through placement of additional shares and convertible bonds. Proceeds will be allocated for financing of a construction of the LNG bunkering centers in Estonia, Germany, Latvia, Sweden and Finland. 

The Kinlan Communications team is one of the most experienced in the projects connected with placement of securities of the East European issuers. In particular, it organized private placement of shares of JSC Uralmash-Zavody in 1997. 

LNG Gorskaya Overseas OU, privately-owned Estonian energy company, is entering the LNG sector last year with plans to build small-scale LNG terminals around the Baltic Sea. Earlier it was reported that Estonia's Mõntu harbor and German port of Lübeck signs agreements with Gorskaya Overseas for the development of new LNG bunkering centers. The project was called Aurora.

Each centre is set to include a 5,500 cubic metre (cbm) capacity floating LNG storage facility, a berth for ships to be bunkered by and 1,300 cbm bunkering vessels that is capable of conducting bunkering operations at both the harbour and at offshore facilities of ports in Estonia and Germany and neighboring countries.

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