LITGAS Information

LITGAS is a natural gas supplier and trader, part of the largest energy company group in Lithuania Lietuvos Energija. Currently the main activity of LITGAS is of strategic importance – the company supplies the minimum required natural gas volume to ensure minimal continuous operation of the Klaipėda’s LNG terminal. From the moment of being appointed as a designated supplier by order of the Minister of Energy ensuring the minimum required gas quantity became the responsibility of LITGAS. For this purpose on August 21, 2014, after almost a yearlong procurement procedure, a 5-year contract for the supply of 0.54 bcm of natural gas (around 950 thousand cubic meters of LNG) was signed with the Norwegian energy company Statoil. The designated supplier helps Lithuania to achieve its strategic goals: it creates and supports open access to the global natural gas market, gives the opportunity for suppliers to make use of advantages this market offers, ensures security of supply and promotes real competition on the Lithuanian natural gas market. In addition to being a designated supplier, LITGAS has ambitions to become a competitive player on the natural gas and LNG supply markets, also pursue growing activities of bunkering, i.e. supply of LNG as fuel for ships. The company has non-binding master agreements for LNG purchases with 15 global suppliers which combined supply more than half of the world’s LNG. These agreements enable quick purchases of gas by LITGAS on international spot markets.