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Lithuania and Latvia to Sign Gas Trade Agreement

The Prime Ministers of Lithuania and Latvia have agreed a future deal on the trade of liquid natural gas.

The Latvian Prime Minister, Laimdota Straujuma announced on Friday that the memorandum is being agreed by the Economics Minister, Dan Reizniece-Ozola on the Latvian side, and the Energy Minster, Rokas Masiulis on the Lithuanian side.

The Liquid Natural Gas (LNG) terminal which opened in Klaipeda last year has been the source of some controversy in Lithuania. Despite gaining independence from a historical reliance on Russian natural gas, the cost of operating the terminal has been higher than many expected.

The Lithuanian Prime Minister, Algirdas Butkevicius said that he could not confirm by how much costs would be lowered when Latvia purchase gas from Klaipeda. He did say however, that it would largely depend on the volume purchased.

The LNG port at Klaipeda is far from operational capacity, nearly a year on from it took its first delivery from Norway’s Statoil.

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