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Klaipėdos nafta changes legal name reflecting sustainable ambitions

As it enters a new phase of company activities, Lithuania’s company Klaipėdos nafta (KN) is changing its legal name to KN Energies, a new name that reflects the goals established in the company’s long-term operational strategy, to follow the path of sustainable energy. The name KN Energies is scheduled to be officially established on 10 January 2024.

KN’s long-term operational strategy, approved this June, includes three main areas of activity: liquid energy products; liquefied natural gas (LNG) terminals; and work with new types of energy, such as synthetic fuel, hydrogen and its compounds and other alternative energy carriers, as well as carbon dioxide capture and storage. The company plans to gradually diversify its activities, consistently creating the required new infrastructure while adapting the existing one.

“While fossil fuels are still popular sources of energy, the entire world will have to transition to new types of energy in the upcoming decades,” said Darius Šilenskis, the CEO of KN. “As we started the energy transformation, we are also moving in this direction. With the implementation of sustainable energy solutions, we aim to contribute to the creation of a cleaner, safer and richer future as we become a climate-neutral company. Thus, the new name better reflects our chosen direction of sustainable energy and does not limit the company’s activities to a specific type of energy.”

According to Mr Šilenskis, another reason for the name change is the strengthening of the company’s activities in international markets.

“Today, we operate across different countries and continents – we have contributed to more than 10 international LNG projects and we currently operate terminals in Klaipėda, Brazil, and Germany,” he points out. “Our goal is to become the leaders in the storage and transportation of new sustainable energy types in the Baltics by 2050. Therefore the new name will better represent us in the international market.”

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