Lithuania’s operator of liquified natural gas (LNG) terminals Klaipėdos Nafta (KN) signed a Framework Agreement with SK E&S, the South Korean company responsible for LNG, renewable and hydrogen within the SK Group, on cooperation opportunities in the field of international LNG business development.
In particular, the parties have reached an agreement to collaborate and exchange expertise and information, with the aim of jointly developing business opportunities across the LNG value chain, specifically, in the area of development of LNG infrastructure projects and opening new LNG trading opportunities. Furthermore, the possibility of cooperation on renewable energy, clean hydrogen and carbon capture projects is also under consideration.
According to Darius Šilenskis, the CEO of KN, both companies have a keen interest in collaborating on the development of LNG terminal projects worldwide, particularly in Europe and Southeast Asia.
“As the LNG terminal market continues to expand, KN is actively seeking new opportunities to participate in international LNG projects,” he said. “This Agreement will facilitate mutually beneficial cooperation between the two companies. We will utilise the strengths of each company to pursue projects globally, in the EU and Southeast Asia, considering added value to be gained from using each other’s experience, capabilities, resources, technologies and client relations and maximise the benefits for both Parties.”
“Given our expertise and experience in LNG terminal development, coupled with a solid understanding of the EU regulatory environment, we can provide valuable support to SK E&S seeking to expand their markets through LNG project development,” Mr Šilenskis added. “KN is extremely glad in contributing to the expansion of business relations among the countries and enabling further cooperation growth.”
“SK E&S fully understands and appreciates Lithuania’s commitment to Green Energy Transition and Stable Energy Supply,” commented Hyeongwook Choo, the CEO of SK E&S. “In collaboration with KN, SK E&S is confident that this partnership will not only uncover new business opportunities but also make significant contributions to the realisation of Lithuania’s national energy vision.”
KN and SK E&S are also exploring the potential for collaboration on the development of a green energy hub in Eastern Europe. As part of this exploration, a joint feasibility study is being considered to assess the potential for projects related to hydrogen, energy storage systems and low-carbon LNG.