All agreed loans

Lithuania. Klaipedos Nafta AB

Date of loan: 27 Nov 2014
Country: Lithuania
Customer: Klaipedos Nafta AB
Amount in EUR: EUR 35 million
Maturity: 20 years
NACE sector / loan type: Manufacture of refined petroleum products
Business area: Infrastructure, transportation and telecom

Project

The EUR 34.8 million loan has been provided for the construction of a liquefied natural gas (LNG) terminal in Lithuania.

The investment is important for Lithuania, as it will allow the country to import natural gas from several suppliers. This will increase the security of the country’s gas supply and introduce price competition to Lithuania.

The LNG terminal infrastructure consists of three major components: a floating storage and regasification unit, an offshore jetty facility located in the port of Klaipeda, and a gas pipeline connecting the facility to the national gas grid. The terminal is scheduled to be fully operational in December 2014.

The terminal will have an annual capacity of 2–3 billion cubic metres of gas. This compares to Lithuania’s annual average gas consumption of 3.2 BCM in 2010 and 2011. 

The majority state-owned oil and gas company Klaipedos Nafta AB will own and operate the new LNG terminal. The company also owns and operates the Klaipeda Oil Terminal.

Fulfilment of NIB's mandate

The project will improve the security of gas supply to Lithuania, which has purchased its gas solely from one supplier in Russia. Such security is critical in terms of Lithuania’s competitiveness, as a majority of the country’s electricity and heat production is based on gas-fired plants.

Sustainability summary

This is a project with a potentially extensive environmental and/or social impact (category A, read more)

The project will increase annual CO2 emissions. The new terminal will not in itself change the actual use of natural gas in Lithuania. However, the gas liquefaction, shipping and regasification demands more energy than pipeline supply directly from extraction.

Press release

Šiaurės investicijų bankas teikia ilgalaikę paskolą SGD terminalo projektui