Baltic, Energy, Gas, Lithuania, Transport

The floating storage regasification unit could supply neighboring Latvia either via gas pipelines or by shipping the vessel to the country's port in Riga, Rokas Masiulis, CEO of Lithuania's oil terminal Klaipedos Nafta, said in a press conference in Vilnius today.

"Technically this terminal in Klaipeda has no barriers to service the whole region," he said. "The vessel could be located in Riga in summer and supply Latvia's underground storage facility and then relocate to Klaipeda in winter", reports LETA/ELTA, referring to Bloomberg.

The gas pipeline infrastructure connecting Latvia and Lithuania still requires upgrades, he said.

Klaipedos Nafta, which is 70.63% owned by the state, plans to borrow LTL 293 million (EUR 85 million) for investment in the gas terminal from commercial banks or international lenders such as the European Bank of Reconstruction and Development and the Nordic Investment Bank.