Positive Decision Regarding Allocation Of Funds For Klaipėda LNG Terminal Electrification Project From European Union Modernisation Fund

2024-10-28 10:16:37

(MENAFN- GlobeNewsWire - Nasdaq) International energy terminal operator AB KN Energies (hereinafter – the Company) informs that on October 22, 2024, a positive decision was reached during the Investment Committee meeting of the European Union's Modernization Fund program to allocate support of EUR 6 million for the Klaipėda LNG terminal electrification project (hereinafter – the Project). Implementation of the Project is planned to take place over a three-year period, following the final investment decision by the Company's management, which is preliminarily expected in the first quarter of 2025.

The objective of the Project is to reduce CO2 emissions related to the operations of the Klaipėda LNG Terminal, thereby lowering associated costs and improving the overall operational efficiency of Klaipėda LNG terminal. Allocation of funds will make apositive impact for the overall Project financing structure.

For more information:
Tomas Tumėnas,
Chief Financial Officer
Ph. +370 46 391 772

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