Lithuania negotiates LNG price cut with Statoil

Lithuania negotiates LNG price cut with Statoil

Lithuania’s prime minister Algirdas Butkevicius informed the LNG supply deal with Statoil of Norway has been amended. 

According to the newly agreed terms, the contract has been extended from five to 10 years while the volume Lithuania will import from Norway increased from 2.7 billion cubic meters to 3.7 bcm. Annual sales volumes will decline from 540 million cubic meters to 350 mcm as Lithuania’s gas consumption declines.

Dalius Misiunas, head of Lietuvos Energija revealed that the price was reduced by 15-20 percent. Misiunas hinted at the new deal in November 2015, due to Lithuania’s falling demand.

The reviewed price is forecast to be in the range between €16-20 per megawatt-hour, closer to the price of gas supplied by Gazprom.

Lithuania’s gas supply deal with Russian Gazprom expired at the end of last year but the contract left an option for Lietuvos Energija to buy a certain amount of gas from Gazprom in 2016, Misiunas told Reuters following the conference with the prime minister.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Feb 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 1 2 3

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year from 19-20 February 2019 in Tokyo, Japan…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >

LNG2019

LNG2019 is presented by the IGU, GTI and IIR, supported by the Shanghai Government and hosted by China LNG Association, China Gas Society, The Chinese Association of Refrigeration and China Gas Association.

read more >