On Tuesday the board of the European Investment Bank adopted a decision to grant to Klaipėdos Nafta a credit of up to EUR 87 mill. for the implementation of the project of liquefied natural gas terminal in Lithuania, Klaipedos Nafta said.
The term of the credit – up to 20 years. The financing, provided by the EIB would amount to up to 50% of the estimated project investments. Condition precedent to disbursement of the credit by the EIB to the company – an obligation to submit a State guarantee ensuring the company’s monetary obligations under the credit agreement, according to Klaipedos Nafta.
As it was indicated in the company’s notification on material event of 31 May 2013, the board of the company has adopted the decision on entry into agreement with the EIB. This decision of the company’s board shall come into force after the board of the EIB takes the decision on entering into the credit agreement and the general meeting of shareholders of the company approves the decision, Klaipedos Nafta added.
[mappress] LNG World News Staff, June 05, 2013