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Lithuania receives EU approval for state aid to LNG project

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Lithuania has received approval from the European Commission for state aids (loan guarantees and other aids totalling €448m) to finance the construction of the first LNG regasification terminal of the country.

The LNG terminal will consist in a Floating Storage and Regasification Unit (FSRU) with a capacity of 2 bcm/year and will be installed in the port of Klaipeda. The project, developed by oil company Klaipedos Nafta, is expected to be commissioned in late 2014 or early 2015. It is expected to diversify Lithuania's gas supply, which entirely relies on Russia, and whose long-term contract with Gazprom expires in 2015.

Source: http://www.enerdata.net/enerdatauk/press-and-publication/energy-news-001/ 21 November 2013