Lithuania's prime minister suggested on Tuesday that the government would decide this fall to purchase an LNG regasification and storage vessel from Norway's Hoegh LNG. Lithuania is leasing the 10.2 MMcm/d vessel on a 10-year contract worth $689 million, with an option to buy it at the end of term (IOD Mar.5'12). The vessel, which began operations in December, is underutilized, and now that natural gas consumption in Lithuania and the Baltic region is falling rapidly, Klaipedos Nafta, the state-owned operator of the LNG terminal, is scrambling to find ways to cut losses (IOD Jun.29'15).
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