Energy, Good for Business, Lithuania, Oil, Port, Transport

The operator of the oil and LNG terminals said it had signed a 2.1 million euro contract with Elektrenu Energetikos Remontas for the reconstruction of two storage facilities and their adaptation to bitumen handling. The works are expected to be completed in the second half of next year.

"It's a new product we plan to start handling next year. It's also one of the goals of increasing the KN oil terminal's efficiency," Mindaugas Navikas, head of commerce at KN, said in a statement.

In his words, as oil prices have gone down this year and a drop in oil product processing margins has lead to a decrease in the flow of oil products via the company's terminals, KN has increased handling volumes of crude oil and biofuel and also provided oil product storage services.

KN has invested some 45 million euros into the Klaipeda oil terminal over the past four years.