Lithuania LNG imports could fall to 320-320 mcm in 2016

OSLO: Lithuania is planning to import 35-40 percent less liquefied natural gas (LNG) via its terminal at the Klaipeda port next year due to falling demand, business daily Verslo Zinios reported on Friday. The volumes could decline from a planned 540 million cubic metres (mcm) this year to 320-350 mcm in 2016, the newspaper said, citing sources.

Lithuanian LNG importer Litgas has a five-year contract with Norway's Statoil to buy 540 mcm per year, but it has an option to resell cargoes it doesn't need.

Next year's surplus may be sold on the European spot market, the newspaper said, citing unnamed sources.

Litgas, part of Lithuania's state-owned energy group Lietuvos Energija, was not available for immediate comment.

The Baltic state opened a floating LNG import terminal last year, seeking to reduce its dependence on imports of Russian gas.

Its gas consumption has fallen in recent years due to warm weather and biomass replacing gas for central heating. Last year's consumption was 2.6 billion cubic metres.

Copyright Reuters, 2015