NIB finances Klaipedos Nafta’s LNG reloading station and oil terminal
NIB and Lithuania’s company Klaipedos Nafta AB have signed a loan agreement. NIB says it is an agreement totalling EUR 20.4 million with a 15-year tenor for the construction of a reloading station for liquefied natural gas (LNG) and the extension of an oil terminal in Klaipeda, Lithuania.
The new LNG reloading station will be able to store up to 5,000 cubic metres of gas to be transported to those potential consumers in the Baltic countries and north-eastern Poland, who are not connected to the existing gas pipeline networks. The station is expected to be ready in late 2017.
The company’s oil terminal will be extended with new storages that will allow reloading wider range of oil products. A new pumping station, automation systems, pipelines and other equipment will ensure more effective reloading of oil products.
“The increased capacity to handle liquefied natural gas as well as oil and oil products in Klaipeda will further boost the security of energy supply to the Baltic countries. Increased supply and the diversification of suppliers will promote competition in the Baltic market. The upgraded capacity is an excellent addition to the first LNG terminal in the Baltic countries, which opened at the port of Klaipeda two years ago”, says Henrik Normann, NIB President & CEO.
The majority state-owned company Klaipedos Nafta AB is the operator of the LNG terminal and the oil terminal in Klaipeda.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.