Lietuvos Duju Tiekimas to buy LNG from Statoil this year

Lietuvos Duju Tiekimas (LDT), a leading natural gas supply company which is part of the Lietuvos Energija energy company group, has entered into an agreement for the supply of liquefied natural gas (LNG) with Statoil whereby it will meet over a half of LDT’s gas demand.

 

“Analysing global trends in the gas market we have noticed that, given the increase in the LNG supply and the reduced oil prices, LNG can successfully compete with the gas supplied through pipelines at certain periods. After assessing the offers received from Gazprom and surveying the participants of the LNG market, we opted for importing over a half of this year’s demand (around 300 million cubic metres) from Statoil through the LNG terminal. By signing this agreement, we will diversify our supply portfolio and will be able to maintain stable natural gas supply prices, regardless of the Gazprom pricing which had changed in an unfavourable way”, said Mantas Mikalajūnas, the CEO of Lietuvos Duju Tiekimas.

 

Under the new agreement, Lietuvos Duju Tiekimas will be purchasing LNG from Statoil until October this year.

 

“The deal clearly revealed benefits of the diversification of supply sources: we are able to choose who to buy the gas from based on the price. We will use the current flexibility in the future when assessing the market and seeking to ensure the best terms for the Lithuanian gas consumers”, said Dr. Dalius Misiūnas, the Chairman of the Board and CEO of Lietuvos energija.

 

Lietuvos Energija energy company group has the most extensive experience in the LNG and natural gas supply and trade in the Baltic States. The Group’s company LITGAS is active in the LNG market and has unique experience in booking LNG cargo, coordinating supply agreements and schedules; it also has the most – sixteen preliminary agreements with major global LNG suppliers, including US companies.