EU – Baltic States, Gas, Gas Market , Good for Business, Lithuania, Port

Lietuvos Energijos Tiekimas (LET), the state energy group's supply arm, has signed a gas purchase contract with Total Gas & Power Limited, it said. 

"Total's LNG cargo will diversify Lietuvos Energijos Tiekimas' supply portfolio and allow it to ensure attractive prices and reliable supplies to customers," LET CEO Mantas Mikalajunas said in a press release. 

One LNG cargo, purchased by LET from Total on the spot market, is to be delivered in the summer, possibly in July. The value of the deal and other commercial details are not being disclosed.

LET has a long-term LNG supply contract with Norway's Equinor. It also buys gas on the spot market and imports it from Russia's Gazprom, and uses Latvia's Incukalns underground gas storage facility. 

Total is the world's second-biggest LNG supplier with a 10% market share. The group expects to manage an overall LNG portfolio of around 40 mln tons per year by 2020. The Klaipeda LNG terminal has an annual regasification capacity of 2.9 mln tons of LNG.