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Photo by Vladimir Ivanovo (V)
As the Ministry of Energy divides the Ignitis gas supply company of the Norwegian company Equinor in half, it buys cargo of liquefied natural gas (LNG) annually and Ignitis makes up only 10% of the difference between the gas purchase and the prices market, worrying not only the main shareholder of the Ministry of Finance but also 4%. European Bank for Reconstruction and Development (EBRD) with shares in Ignitis Group.
Updated: Achema – Cats are covered by users.
The Finance Ministry confirmed to BNS that it had requested an anti-corruption assessment from the Special Investigation Service (STT).
The STT has confirmed to the BNS that an anti-corruption assessment is currently underway and its input will be made public at a later date.
The Energy Ministry has confirmed that it has received the time from the EBRD representative for the Baltic States and will respond with confusion. According to BNS, the bank told Minister Yimimantas Vaiinas in a timely manner that such hasty actions by the Ministry, without taking commercial interests into account, could reduce Lithuania’s attractiveness to investors.
The question of the required quantity is not considered as a matter of urgency nor ignored by Ignitis itself, says the Ministry of Energy.
He recalled that in the fall of 2019 the Government instructed the Ministries of Energy and Finance to present proposals for reducing the load of LNG purchased from Equinor.
The fact that (…) the load is bought at twice the average market price is not in line with the state or the main shareholder of the company, nor is it in the public interest, emphasizes the Ministry of Energy.
According to the ministry, his offer finally delivered postm Ignitis reported that negotiations with Equinor on the contract modification will resume and begin immediately at the highest level.
The Ministry of Energy will notify the Government in November to significantly reduce the storage capacity of the LNG terminal if the Seimas and the Government agree, the amount of cats per consumer to support the minimum operation of the terminal will amount to almost 25 million . Eur yields up to 6.57 million. Eur in 2021.
Most of the losses currently incurred due to extremely expensive Equinor gas need to be transferred to the state-controlled Ignitis Group, unless we switch to Eguinor and reduce the price of gas or the number of shipments.
The ministry will request the government to reduce the amount of LNG shipments assigned to Ignitis from four to two per year to support the operation of the minimal terminal. Under the 10-year contract, these loads are purchased from Equinor (formerly Statoil) at a much higher price than on the market.
According to the ministry, commercial users of the LNG terminal will purchase at least 10 large cargoes of LNG next year. Last year and this year 20 cargoes of this type arrived, so the Equinor cargoes are not necessary to support the operation of the terminal.
As a result, the LNG terminal, which has never been more efficient than ever, can be guaranteed by the market and should not be bypassed by gas consumers, he said. Waves.
In addition, the Seimas will be asked to modify the construction of the LNG terminal and compensate the two remaining Ignitis shipments for up to 10% of the difference between the prices of Equinor gas and gas purchased on the market. Now gas consumers are making up the difference in four charges per year amounting to around 25 million. Eur, and next year it is projected to grow to 35 million. EUR.
Anot. To no avail, the emergency supply of cats in 2021, following both decisions, is projected to reach just 6.57 million. EUR.
The other party will depend on the ability of Ignitis and Equinor to reschedule the contract or seek another decision, the energy minister told BNS.
Darius Montvila, Ignitis CEO, says current regulation, as well as the state’s long-term obligations, shouldn’t be changed until 2024.
Under the agreement signed with Equinor Lietuva in 2014 and subsequently adjusted, it promised to purchase at least four large vessels per year for the operation of the Klaipda terminal.
Achema: cats are covered by consumers
AB Achema, which is a shareholder in Klaipdos Nafta, which runs the terminal, estimates that each year Ignitis overpays Equinor around LTL 2.535 million. EUR.
Ignitis transfers all amounts and losses of Equinor overpaid to all users and consumers of natural gas in the country, as well as to Achema, according to the opinion of Ramno Miliauskas, CEO of AB Achema.
According to the report, according to the Ministry of Energy, the LNG terminal supply volume required by all Lithuanian consumers is about 50%, which is about 12,517.5 million. Eur per year.
. Vaiin previously said that the contract is inflexible. He said he would ask the Norwegian government last year to mediate and change the deal, but received no response.
At that time, Litgas (now Ignitis) had already renegotiated a 2014 gas supply contract with Equinor. At the beginning of 2016, the parties signed an agreement to renew the contract, the price formula was modified, the price of gas supplied by pipelines was approached, the annual volume of gas was reduced by approximately one third from 5.5 to 3, 6 TWh (or from 540 million to 350 million cubic meters), and The duration of the contract was extended until the end of 2024, when the contract with the Norwegian Hoegh LNG for the lease of the vessel Independence expires.
Now it is reduced to 1.8 TWh.
With the sharp drop in LNG prices on the world market in recent years, Equinor gas has become much more expensive. Under the terminal’s capacity model, Ignitis sells gas to market participants at average market prices, and the difference between the market and Equinor’s gas prices is offset to the terminal component, which is paid by all consumers of gas.
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