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Lithuania borrows EUR 87 mln loan in European Investment Bank to build LNG-terminal

July 10, 2013, 0:12 UTC+3

Currently, the republic fully depends on Russia’s Gazprom

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VILNIUS, July 9 (Itar-Tass) - Lithuania and the European Investment Bank have signed a credit agreement on Tuesday, under which the bank will grant the republic a 87-million-euro loan for the construction of a liquefied natural gas terminal in the Klaipeda seaport. The credit was borrowed under the state guarantee by the state-run Klaipedos nafta company operating in the Klaipeda seaport.

“The fund is a guarantee that the project of the terminal will be completed in a proper time,” Director General of the state company Rokas Masiulis said. He considers this project as a very important for the diversification of gas supplies to Lithuania. Currently, the republic fully depends on Russia’s Gazprom, which is the monopoly supplier of gas to Lithuania.

Under the agreement, the loan will cover up to 50 percent of funds necessary for the construction of the LNG-terminal. Money will be divided into six tranches. The loan must be returned within 20 years. There are no exact data pertaining to the interest rate, which may be both fixed and floating. Vilnius plans to make proposals regarding a schedule of payments.

The cost of the LNG-terminal project is 453 million litai (131 million euros). The Klaipedos nafta company was instructed by the government to build the terminal in the same-named seaport. The terminal will be commissioned by the end of 2014.

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