Total - New Global Supplier in the Lithuanian LNG Market
Total, one of the biggest players in the global energy market, has joined the suppliers of liquefied natural gas (LNG) delivering LNG to Lithuania. Gas and electricity supplier Lietuvos Energijos Tiekimas (LET) signed a gas purchase agreement with an international company Total Gas & Power Limited.
According to the provisions of the agreement, LET is to acquire one LNG cargo from Total. The cargo purchased in the LNG spot market.
“We are delighted that Lithuania has a new LNG market player with a considerable experience and global recognition. Totalʼs LNG cargo will diversify LET’s gas portfolio and will enable it to offer its customers competitive prices and reliable supply,” Mantas Mikalajūnas, General Manager of LET, said.
Total’s cargo should reach Klaipeda at the third quarter this year. The companies do not specify the price of the transaction or provide any other commercial details.
Lietuvos Energijos Tiekimas is the only company in the Baltic region which has gas supply from three different sources. The company has a long-term LNG supply agreement with the Norwegian company Equinor, it also buys gas in the LNG spot and short-term agreement market; besides, it purchases gas delivered through pipelines and uses the Latvian Inčukalns underground gas storage facility.
Total is the second LNG supplier in the world in terms of its size and occupies 10 % of the market. It is estimated that the Group will have taken into its control about the 40 million tons of annual LNG portfolio by 2020.