Poland's Orlen Secures Exclusive LNG Trans-shipment Deal in Lithuania
(Reuters) — Polish top refiner Orlen signed on Wednesday a five-year agreement with Lithuanian oil and gas logistics firm KN Energies for exclusive use of a waterfront liquid natural gas (LNG) transshipment station in Klaipeda.
The agreement focuses on small-scale gas supply as LNG received at the station will be transported via small ships and later on with trucks as opposed to oil tankers.
The gas from Klaipeda will be sent to clients in northeastern Poland and other Baltic countries such as Lithuania, Latvia, and Estonia.
"The extension of agreement with KN Energies is an important step in strengthening Orlen group's foothold on the LNG market in Baltic Sea... the transshipment terminal in Klaipeda will play a complementary role and will allow us to optimize logistics costs," Orlen CEO Ireneusz Fafara said in the press statement.
Orlen sees Lithuania as one of its strategic markets, where its subsidiary Orlen Lietuva is investing 970 million euros ($1.1 billion) aimed at improving its refining output potential, the company said in a separate press statement.
The Polish refiner is also looking at the development of Lithuanian offshore assets as it considers investing in production of "green" hydrogen as part of its renewable energy growth.
($1 = 0.9053 euros)
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