Agreement on cooperation in performing the activities of operating the LNG bunkering carrier has been signed


On 24 November 2015, UAB “SGD logistika”, which is a wholly-owned subsidiary of AB Klaipėdos Nafta, signed a joint venture agreement with partner Bomin Linde LNG GmbH & Co. KG on joint performance of the activities of operating the LNG bunkering carrier.

Following the signed agreement, UAB “SGD logistika” together with Bomin Linde LNG GmbH & Co. KG will establish a joint venture in Germany, in which UAB “SGD logistika” will hold 20% of the authorised capital and Bomin Linde LNG GmbH & Co. KG 80% of the authorised capital. This entity will order construction of an LNG bunkering carrier. The LNG bunkering carrier will provide LNG fuel to clients of Bomin Linde LNG GmbH & Co. KG both at sea and in the Klaipėda port, will offer safe and flexible transportation of LNG from the Klaipėda LNG terminal to the LNG distribution station in the Klaipėda port, will transport LNG to terminals in the North Sea and the Baltic Sea.

The agreement says that AB Klaipėdos Nafta will issue guarantees (i) regarding performance of UAB “SGD logistika” obligations under the joint venture agreement, also (ii) regarding payment of a part of the rent for the carrier. According to the estimates of AB Klaipėdos Nafta, the possible total liability of AB Klaipėdos Nafta according to such guarantees should not exceed the amount of USD 14,000,000. The joint venture agreement establishes that it will come into effect after the general meeting of shareholders of the company, which is to be held on 14 December 2015, approves of the decisions of the Board of the company regarding issuance of guarantees.

 

         Marius Pulkauninkas, Director of Finance and Administration Department, tel. 8 46 391763