Lithuania’s government, shackled with an underperforming LNG terminal and facing mounting losses, will likely decide to purchase the LNG regasification and storage vessel it is currently leasing from Norway’s Hoegh LNG. In 2012 Lithuania signed a 10-year, $689 million lease for the 10.2 MMcm/d vessel, with an option to buy it at the end of the term. The government, looking for ways to cut forecast losses as gas consumption plummets in the Baltic region, approached Hoegh with an offer to buy the vessel ahead of term, but the Norwegians refused, Prime Minister Algirdas Butkevicius said this week (NC Jun.25’15).
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