EIB to Aid in Financing Lithuaninan LNG Terminal

The European Investment Bank is committing funding to the construction and operation of a liquefied natural gas terminal in the Lithuanian port city of Klaipeda.

The EIB will lend Klaipedos Nafto more than $111 million to help finance the LNG import facility

"This investment is critical for Lithuania to diversify and secure its energy supply as well as provide backup in the event of gas supply failures," the EIB said in a statement.

Lithuania has turned to the supply of LNG in an attempt to further break its reliance on Russian gas imports. Currently the country imports the bulk of its gas from Russian major Gazprom. However, when operational, the Klaipeda LNG terminal will supply at least 25 per cent of Lithuania's gas needs.

"The LNG terminal in Klaipėda is a critical component of Lithuania's energy strategy as it is the alternative solution for gas diversification in the short term," Lithuanian Minister of Energy Jaroslav Neverovic said.