Lithuanian natural gas company Litgas signed an agreement with Swedbank, Nordic-Baltic banking group, on Wednesday for an € 83.3 million credit line, according to Lithuanian state-run news agency ELTA.
The company will use the funds to finance primary activities, such as natural gas trade and liquefied natural gas (LNG) supply. The agreement will be valid for two years with an opportunity to extend it three times for a year each time.
Litgas and Norway’s energy giant Statoil signed a five-year LNG deal last month, which gives Lithuania an opportunity to diversify its natural gas source.
According to the agreement, Lithuania will import 0.54 billion cubic-meters (bcm) of natural gas from Statoil per year which will cover around 18 percent of Lithuania’s total consumption -- it consumed almost 3 bcm of natural gas last year.
by Murat Temizer
Anadolu Agency