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Friday, September 30, 2016

Statoil's LNG Price for Lithuania to Fall by a Third

January 26, 2016

Photo: Klaipeda LNG Terminal

Photo: Klaipeda LNG Terminal

 Liquefied natural gas (LNG) price from Norwegian company Statoil ASA (STOHF) for Lithuania is set to fall by more than one-third and the Klaipeda LNG terminal's maintenance costs are to decline by around 23% after Lithuania's gas trade company Litgas completed talks with the Norwegian supplier on a revision of their long-term gas purchase contract, reports LETA/BNS.

 
According to Dalius Misiunas, CEO of the state energy group Lietuvos Energija (Lithuanian Energy), the price will go down to around 16-20 euros per megawatt-hour (MWh) under the new deal with Statoil, from around 27-30 euros currently. 
 
"We can't disclose the exact figures (...) under the agreement with Statoil. We estimate that the (price) range could be between 16 and 20 euros per MWh," Misiunas said at a news conference on Monday. 
 
The new pricing will apply to the new LNG cargo that was delivered to Klaipeda last week, he said.
 
Natural gas supplier and trader UAB LITGAS, part of Lietuvos Energija energy company group,  has signed a LNG supply contract with Statoil which offered the most favourable conditions. 
 
This contract will help to ensure continuous operation of the terminal and will establish a new natural gas pricing policy linked to the natural gas price movements on the international markets. The contract also covers possibilities of LNG reloading – a new commercial activity in the Baltic Sea region.
 


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