Energy, EU – Baltic States, Financial Services, Gas, Latvia, Lithuania

Valdis Dombrovskis and Andrius Kubilius. Vilnius, 29.06.2011. Photo: lrv.lt

"As you know it, there are talks about a regional gas terminal project in the Baltic States, but there are also plans to have terminals for local needs. I am confident that these projects are not in conflict and, especially having the global prospects for liquefied natural gas development in mind, we are going the right direction as we also develop local terminals, and I expect that we will also reach an agreement on the regional terminal which will probably attract EU funds," said Kubilius, adding that there would be no competition over EU funds between Lithuania and Latvia.

Dombrovskis said that the feasibility study on the projected regional LNG terminal would soon be completed. Then it will be clear whether the project will be funded by the EU, the Latvian prime minister said.

As reported, Lithuania expects to launch its liquefied natural gas terminal to operation by 2014. The construction of the terminal is estimated to cost about 200 million euros; around 20 percent of the amount may be covered by a private investor. The U.S. company Cheniere Energy has shown its interest in investment opportunities.