Energy, Investments, Legislation, Lithuania, USA

Butkevicius said that in order to improve the procedure for calling for and carrying out tenders for the exploitation of traditional and dissolved hydrocarbons' resources, the Government of Lithuania has approved relevant amendments, and a proposal was put forward to parliament to establish tax reliefs for investors in this particular energy segment.

"I hope that this meeting with you – the experts of the field – and the vast experience of the US in prospecting and exploiting shale resources will provide us with necessary information and give a new impulse to apply these energy resources," he said and added that the shale gas exploitation would also contribute to the energy independence of the country.

The PM stressed that Lithuania is willing to have shale exploration and extraction companies invest in Lithuania and informed about the favourable conditions that are being put into place.

"I hope that parliament of Lithuania will support our proposal to apply a tax rate of 1 percent for shale extraction during the first three years, since it is a great risk that the investors must bear," he said to reporters.