Klaipedos Nafta receives €134.1 million Loan for LNG Terminal Costs
12.27.2019 - NEWS

December 27, 2019 [Bunkerspot] – The Nordic Investment Bank (NIB) and Lithuanian LNG and oil terminal operator AB ‘Klaipedos Nafta’ (KN) have signed a €134.1 million loan which will be used to finance the rent payable for the terminal’s Floating Storage and Regasification Unit (FSRU).

The agreement marks the confirmation of a November announcement by KN in which it announced its intention to discuss the terms of a loan with NIB.

At the time, KN also said that it would be seeking to acquire the Independence, which it currently leases, or another FSRU, no later than the end of December 2024.

The new 25-year maturity loan will cover around €26.8 million of the payments due each year during the period 2020–2024, and will provide an opportunity to reduce the cost of LNG terminal infrastructure for consumers immediately. The financing will enable equalised tariff levels to be maintained throughout the full lifetime of the terminal, both before and after an FSRU is acquired.

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