Equinor to supply six LNG cargoes to Latvenergo

Norway’s Equinor will supply six liquefied natural gas (LNG) cargoes under a new medium-term deal to Latvia’s Latvenergo via Lithuania’s Klaipeda FSRU-based terminal.

State-owned power and natural gas company Latvenergo announced on Thursday it has concluded a tender for the medium-term supply of LNG for 2024–2026.

Under the deal, Equinor will supply two LNG cargoes each year to Latvenergo for a total of six LNG cargoes or about six terawatt hours (TWh) of gas over the period.

According to Latvenergo, this deal guarantees the security of supply of natural gas to the CHPP for power and thermal energy generation, as well as for the sale of natural gas to customers in the Baltics.

Last year, Latvenergo secured regasification capacity for a period of ten years at the Klaipedos Nafta-operated FSRU-based facility in Klaipeda, Lithuania.

The capacity booking is for 6 TWh per year or about six LNG cargoes per year.

In March last year, Latvenergo also bought LNG cargoes for delivery via Klaipeda as part of plans to secure additional supplies due to the Russia-Ukraine war.

According to Latvenergo, the firm completely stopped purchasing natural gas from Russia in February 2022.

Latvenergo’s chief commercial officer, Dmitrijs Juskovecs, said “the decisions made last year are paying off – both in the use of the Klaipeda terminal and in building relationships with suppliers to ensure stable and secure supplies, both in time for this season and in readiness for the next three years.”

“We have secured an a very attractive agreement with clear supply conditions with a reliable supplier that has supplied LNG into the Baltics since imports started in 2014, and with the pricing reflecting European market prices through the period,” he said.

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