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2008 March 20   15:21

Achemos grupe to finance construction of LNG terminal in Lithuania

Lithuanian industrial concern Achemos grupe is willing to cover part of expenses for the feasibility study and construction of a LNG terminal in Lithuania, Interfax reports according to Gudok.Ru with reference to business newspaper Verslo zinios. According to Rimas Varkuleviciaus, vice-President of Achemos grupe and deputy Chairman of Lithuania’s Confederation of Industrialists, the concern is to allocate some LTL 200,000-300,000 for research works totally valued at LTL 1 million. The rest is to come from the federal budget. Besides, Achemos grupe plans to invest into the terminal construction.

The terminal is to be built for private investments with the foreign capital accounting for the majority of investments. There are three options for the terminal location: Klaipedos nafta, in the open sea or at the Butinge terminal.

As it was reported earlier, Lithuanian authorities will make the decision on LNG terminal construction in the middle of the year. The terminal may be built in 2010-2013. The capacity of the terminal is to total 2 billion cubic meters. The investments are estimated at EUR 500 million. Spanish energy company Edesa is likely to be the partner. EUR 1 is equal to LTL 3.4528.

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