Baltic LNG

Oil & Gas

Statoil, Lithuania to develop Baltic Sea LNG supply business


Norway's Statoil and Lithuania's Lietuvos Energija plan to join forces to develop a small-scale liquefied natural gas (LNG) supply operation, competing with Finnish gas utility Gasum. Litgas, an LNG arm of state-owned Lietuvos Energija, and Statoil signed a preliminary agreement on Thursday to establish a joint venture by the end of 2015, Litgas said in a statement. Statoil has a contract with Litgas to deliver 0.5 billion cubic meters of gas per year to Lithuania's LNG terminal at Klaipeda port in 2014.