Lithuania: Lietuvos Energija Seeks to Swap Gas with Gazprom Export

Lithuania's biggest energy company Lietuvos Energija has today requested that Gazprom Export provide natural gas swaps to the country in a bid to reduce current gas prices, following the locating of a supplier with more competitive gas prices.

If Gazprom Export agrees to the arrangement, Lietuvos Energija would be able to swap gas acquired in European countries for gas intended for Lithuania provided through Gazprom Export. The arrangement would allow Lietuvos Energija to take gas at a cheaper cost and pass on the savings to its domestic electricity customers, the company said in a statement to the stock exchange today.

Besides seeking to make this arrangement, the company is actively seeking to locate alternative suppliers of gas to Gazprom, the statement said. The company says it expects a decision on the matter from Gazprom by March of 2012.