Minister of Energy: Klaipėda LNG terminal still has huge potential

2017 08 24
cheniere.jpg

The meeting held today between Žygimantas Vaičiūnas, the Minister of Energy, and Frederik Smits van Oyen, the Vice-President of the US company Cheniere, focused on the current issues in the creation of the regional natural gas market and the prospects of further cooperation.

According to the Minister, a reliable regional gas market in the Baltic states is among the priority objectives. After the Gas Interconnection Poland-Lithuania (GIPL) project and the Finnish-Estonian interconnection project Balticconnector are accomplished, much more countries will be able to use the competitive advantage provided by Klaipėda Liquefied Natural Gas (LNG) Terminal and the regional gas market will become even more attractive to LNG suppliers.

“Today the LNG Terminal in Klaipėda is the only gateway through which LNG cargo reaches Lithuania and other Baltic states from any country of any continent of the world. After a regional natural gas market starts operating, Klaipėda Terminal has a potential to become a wider gateway to countries such as Belarus, Ukraine or Finland. This will make our region even more attractive among LNG suppliers and bring more benefit to gas consumers,” noted the Minister of Energy at the meeting.

The Vice-President of Cheniere added that Lithuania is presented as an example to follow when diversifying natural gas supply sources and enhancing the country’s energy security.

A cargo of historical significance, i.e. the first LNG extracted in the USA, reached Lithuania yesterday. Lithuania acquired it from Cheniere Marketing International. According to the guest, it is a perfect start of cooperation and the company is ready to continue supplying gas to Lithuania and the region.

The USA is forecasted to become the third largest LNG exporter worldwide in the coming years, and Cheniere is one of the major US LNG suppliers.