KN and SK E&S to work on international LNG business development

Klaipedos Nafta AB (KN), the developer and operator of petrochemical and LNG terminals, and SK E&S, which is responsible for energy sectors such as LNG, renewables and hydrogen within the SK Group, have signed a Framework Agreement on cooperation opportunities in the field of international LNG business development.

KN said the parties 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, KN noted.

As part of the agreement, the collaboration between the parties will involve the exchange of information on international opportunities related to LNG terminals by jointly conducting assessment of such opportunities, KN said, adding that the cooperation will also encompass technological collaboration, education and training initiatives and seminars related to joint projects.

Darius Šilenskis, the CEO of KN, commented: “As the LNG terminal market continues to expand, KN is actively seeking new opportunities to participate in international LNG projects. 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 to 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. KN is extremely glad in contributing to the expansion of business relations among the countries and enabling further cooperation growth”

Hyeongwook Choo, the CEO of SK E&S, stated: “SK E&S fully understands and appreciates Lithuania’s commitment to Green Energy Transition and Stable Energy Supply. 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.”

To note, this year, KN also announced that it will collaborate with Italian energy company Snam in the start-up of a greenfield FSRU-based LNG terminal in the Port of Piombino.