Budget, Financial Services, Good for Business, Investments, Lithuania, Port, Transport

Investments into port infrastructures exceeded 50 times more of the European Union funding than in 2011. These and many other facts of 2013 show that the port of Klaipeda has excellent prospects ahead of it.

"I am happy to say that last year, upon approval from the Government and Seimas (parliament), the port of Klaipeda was released from paying dividends. Now the port itself can invest state money into state properties thus creating additional value. The benefits are obvious to see as investments made into the port payback in almost no time at all – almost within one third of a year," said the Minister of Transport.

In 2013, the infrastructure of Klaipeda Port has benefited from investment of the largest amount of money in the history of the port – 301 million litas, without the value-added tax (VAT). These investments are three times the amount invested in 2012. Last year saw the port of Klaipeda achieve the third best cargo result in the history of the port – 33.42 million tons. Obtained income reached 81.4 million litas, although only 53 million litas were planned.

Last year was also meaningful for the port of Klaipeda in terms of important projects. Construction of Liquefied Natural Gas (LNG) terminal has began, one of the biggest and most beautiful central terminals on the Baltic Sea was built, construction of quays intended for the Smeltės container terminal was completed, the area next to the Klasco quays was deepened, the pier built for Klaipeda’s stevedoring company Bega was commissioned, and reconstruction of the quay used by Klaipeda’s container terminal was completed.

This year Port Authority has planned and is managing investment projects totaling one billion 149 million litas. "It is only with constant investments that we can improve the competitive capacity of Klaipeda Port," said the head of the Klaipeda State Seaport Authority Arvydas Vaitkus.

According to Vaitkus, this year marks the beginning of a new era for the port of Klaipeda as it turns from a feeder port to a container distribution centre (HUB). The port will have the most modern passenger and cargo terminal of all the neighboring countries and the LNG terminal will commence its operation.

The competitiveness of the Seaport of Klaipeda is determined by ship loading time, taxes of the port and price of carriage by rail, says Lithuania's Prime Minister Algirdas Butkevicius.

At an interview with radio LRT on Tuesday, the prime minister admitted that the Seaport of Klaipeda would be able to maintain its competitiveness if only it received timely investments. According to Butkevicius, this year almost a third of a billion of investments is planned in the port, cites LETA/ELTA.

"This year it is planned to invest over LTL 300 million (EUR 87 million). In the short run, some of the quays will be reconstructed, if we speak about company Klaipedos Nafta (Klaipeda Oil)," said the prime minister.