AB "Klaipėdos nafta" (hereinafter - the Company) informs that on 08-03-2023 the Company received the Letter of expectations of the shareholder of the Ministry of Energy of the Republic of Lithuania (hereinafter - ENMIN), which owns 72.47 percent of the Company's shares (hereinafter - the Letter of Expectations).
Taking into account the changes that took place at the political and economic level globally and Company's aim to adapt to these changes by diversifying its activities, the Letter of Expectations presented by ENMIN confirms the direction of the changes sought by the Company and enables the Company to purposefully create and implement a long-term strategy.
ENMIN's main expectations for the activities of the Company and its subsidiaries (hereinafter referred to as the Group) and potential directions for diversification of activities:
I. Objectives of ensuring Lithuania's energy independence:
- to ensure that the LNG floating storage and regasification unit "Independence" is acquired into ownership by December 31, 2024 and also ensure smooth long-term operation of the Klaipėda LNG terminal until 2044;
- to make maximum efforts ensuring the physical and cyber security of the Company's managed facilities important for the national security;
- to allocate long-term and short-term capacities of the LNG terminal taking into account the national needs of natural gas supply and ensuring national security;
- to ensure the smooth operation of managed oil terminals and appropriate technical condition of the infrastructure;
- to ensure the conditions for the long-term storage of state oil product reserves.
II. Transformation and international development goals:
- to have a long-term strategy, the implementation of which would ensure consistent growth and competitiveness of the Company in a climate-neutral economy, adapting to the transformation of the European Union's green course. In the strategy, the period up to 2030 should be planned in detail, and the period 2030-2050 should be planned by providing priority directions and business development goals and indicators pursued by the Company;
- to participate in the transformation of the Lithuanian energy sector as Lithuania transitions to green energy and seek to establish itself in the value chain of clean energy;
- the Company must continue to strive to use the available potential - the unique experience and knowledge accumulated during the development of the Klaipėda LNG terminal project and subsequent management of the terminal.
III. Financial expectations:
- the profitability of the Company's activities must not be lower than the indicators set by the Government;