Klaipedos Nafta Picks Hoegh to Supply for LNG Terminal

AB Klaipedos Nafta, which operates Lithuania’s oil terminal on the Baltic Sea, picked Norway’s Hoegh LNG to supply a vessel for the country’s planned floating liquefied-natural-gas terminal.

Hoegh will provide a floating storage regasification unit, maintenance and a vessel crew, the Klaipeda-based company said today in a statement to the stock exchange. Operations are planned to start at the end of 2014, it said.

The Baltic nation is building a gas terminal to diversify its imports from Russia’s OAO Gazprom, its sole supplier. The country imports all of its gas from Russia.

Lithuania will lease the vessel from Hoegh for 10 years and then will have the right to buy the regasification unit, according to the statement. Klaipedos Nafta, which is 70.6 percent owned by the state, is expected to conclude the deal with Hoegh in February.

Hoegh LNG ordered new floating storage and regasification units from Hyundai Heavy Industries with a capacity of 170,000 cubic meters of LNG, according to a statement on the company’s website.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE