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International Internet Magazine. Baltic States news & analytics Saturday, 04.04.2020, 04:52

Lithuania's Klaipedos Nafta to borrow over EUR 300 mln to buy LNG terminal's vessel

BC, Vilnius, 29.10.2018.Print version
With Lithuania set to purchase the Klaipeda LNG terminal's floating storage and regasification unit (FSRU) by the end of 2024, Klaipedos Nafta, the terminal's operator, plans to borrow up to 308 mln euros in loans backed by state guarantees, informed LETA/BNS.

A loan of up to 148 mln euros would go to reduce the LNG terminal's costs by 40%, from 66 mln euros to 43 mln euros per year, starting in mid-2019, according to an explanatory note to certain draft amendments tabled to the Seimas. 

The other loan, worth between 121 mln and 160 mln euros, would be used to buy the FSRU, which the state-controlled company currently leases from Norway's Hoegh LNG

In 2013, the state issued a guarantee to back up the European Investment Bank's 20-year loan of almost 82 mln euros to Klaipedos Nafta for the LNG terminal construction. 

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