photo of Vladimir Ivanovs (V).
Hoegh LNG Klaipda, the current owner of the liquefied natural gas (LNG) storage vessel Independence of the Norwegian company Hoegh LNG in Lithuania, will become its operator for five years.
KN Energies (formerly Klaipdas Nafta), the operator of the Klaipda LNG terminal, which plans to buy the vessel by the end of the year, announced on Friday that it had signed an agreement with Hoegh LNG Klaipda.
With the signed contract, we implement the state’s decision to purchase an LNG storage vessel and ensure its uninterrupted operation after the lease agreement expires. I am sure that by choosing a reliable partner with long-term experience in LNG ship-storage management, we will be able to smoothly take over the ownership of the ship and ensure the safe and reliable operation of the terminal, KN Energies CEO Darius ilenskis is quoted as saying in the report.
Hoegh LNG Klaipda should become the new operator of Independence in December after KN Energies, which bought the storage vessel, becomes its owner.
According to the agreement, Hoegh LNG Klaipda will have to ensure the technical management of the storage vessel for five years and access with the possibility of cooperation for another five years.
The maximum amount of a 10-year lease is 225 million. Eur, it consists of fixed and variable costs of the ship-storage operation. The fixed part of the lien’s remuneration and maintenance, excluding the tax applicable in Lithuania, and the fee for the operator at the ship’s entrance will amount to about 5 million. EUR per year.
At that time, the variable rates, as before, will depend on the need for ship repairs, the scope of reclamation, and the price of negotiable tonnage permits directly related to them, and other factors.
Hoegh LNG Klaipda won the competition for the technical operator of Independence last year, having operated two international shipping companies.
After KN Energies becomes the owner of the storage vessel, the price of services for terminal users will not change substantially. In 2025-2033, the forecasted average gasification rate will reach 1.77 EUR per megawatt-hour (MWh) and will be 0.06 EUR less than the approved rate for 2024 (1.83 EUR per MWh).
Klaipdas nafta Independence will take over from Norway at the end of 2024. At the end of 2024, the ship will be registered in the Lithuanian Ship Register, and the Lithuanian flag will be raised on it in December.
In the summer of 2022, the shareholders of Klaipda Nafta approved the acquisition of Independence by Hoegh LNG, to which it has been leased since 2014, and the contract will expire at the end of 2024.
The purchase price of Independence is 153.5 million. USD (without VAT, at today’s exchange rate about EUR 140.5 million). The purchase price agreed by the market regulator amounts to 138.4 million. EUR (without VAT), it must not exceed 160 million. EUR (including VAT) for such a company is a loan from a large investment bank.
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