The Seimas of the Republic of Lithuania approved decision on the assurance of the long-term import of the liquefied natural gas to Lithuania. This decision to secure the continuous supply of LNG enables optimization and reduction of the annual operating costs of the LNG terminal in the short term by €23-25 million ($26.2 to $28.5 million) each year, beginning as soon as mid-2019. According to the current agreement with Norway company Höegh LNG the cost of the rent for 10 years is 540 millions.
According to the law, KlaipėdosNafta, the operator of the LNG terminal, will acquire the ownership of the FSRU vessel by December 31, 2024, by selecting the most economically beneficial proposal using an international tender. It is estimated that for the implementation of this decision KN will probably need additional funding amounting to EUR 300 million. For that purpose, additional bank financing will be searched for, and other fund attraction possibilities will be assessed. The company is also planning to contribute with its own funds.
According to KN calculations, since the launch of the operation of the LNG terminal in Klaipėda in 2014, the amount of funds saved by Lithuanian residents due to decreasing prices on gas reached EUR 103 million. Klaipėda LNG terminal is among the most efficiently operating LNG terminals in Europe. It supplies about half of the total amount of the natural gas consumed in Lithuania.