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Litgas receives EUR 83.3 mln credit line from Swedbank
BC, Vilnius, 18.09.2014.
Print version
Print versionNatural gas supply and trade company Litgas signed an agreement with bank Swedbank on Wednesday over a LTL 287.73 million (EUR 83.3 million) credit line, reports LETA/ELTA.
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The company was authorised to use the funds to partially finance its primary activities –liquefied natural gas (LNG) supply and natural gas trade. The agreement will be in force for two years with an opportunity to extend it under the same conditions three times for one year each.
Litgas Director General Dominykas Tuckus said that a public tender was announced for LTL 432 million (EUR 125 million) credit line, but after securing a better 5-year deal with Statoil the company was able to reduce financing need by a third.
The amount of credit was establish taking into consideration the maximum need of funds, but it is hoped that the actual use of borrowed money will be lower.
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