AB Klaipedos nafta has signed an Operation and Maintenance Services Agreement for the LNG terminal in Brazil Vilnius Stock Exchange:KNF1L

2020-02-03 02:14:29

(MENAFN- GlobeNewsWire - Nasdaq) AB Klaipedos nafta (hereinafter – KN), KN Açu Serviços de Terminal de GNL Ltda. (hereinafter – the Brazilian SPV) and UTE GNA I Geração de Energia S.A. (hereinafter – GNA) signed an Operation and Maintenance Services Agreement (hereinafter – the Agreement) for the provision of operations and maintenance services in connection with GNA's liquefied natural gas terminal, located at the Port of Açu in the state of Rio de Janeiro (hereinafter – the LNG Terminal), one of the main port complexes in Brazil, which offers a series of logistics solutions for the Brazilian oil and gas market.

KN has been appointed as an operator of the LNG Terminal, which will provide safe, reliable and efficient operations, including maintenance of the jetty and its installations, gas pipeline and gas metering stations as well as supporting the commissioning of the LNG Terminal.

The Agreement will become effective once GNA receives remaining corporate and lenders approvals. The initial term of the Agreement is for a 13-year operational period following the completion of the LNG Terminal and can be extended upon mutual agreement. The LNG Terminal is due to start operations in 2020.

KN through its subsidiaries has established a special purpose company the Brazilian SPV, which will eventually be responsible for the provision of services.

GNA – a joint venture formed among Prumo Logística, BP and Siemens, which is dedicated to the development, implementation and operation of sustainable energy and gas projects. The LNG-to-power project, developed by GNA at the Port of Açu, is the largest of this kind in South America. Currently, the project includes the development of two natural gas-fired thermoelectric plants (GNA I and GNA II) with a combined capacity of 3 GW and the LNG Terminal with a regasification capacity of 21mm m3/day. The newly built floating storage regasification unit (FSRU) BW Magna of 170,000 cubic meter storage capacity is delivered and operated by BW, while the liquefied natural gas will be supplied by BP, also a shareholder of GNA.

Jonas Lenkšas, Chief Financial Officer, +370 694 80594

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