Bank Guarantee for LNG Terminal Construction

31.01.2014 Bank Guarantee for LNG Terminal Construction

TGS Baltic acted as a legal advisor to AB Klaipedos Nafta for the procurement of a $50 million first-demand bank guarantee to secure the obligations of Klaipedos Nafta under a Charter Agreement (FSRU lease) linked to the construction of a liquefied natural gas (LNG) terminal in Lithuania.

 Klaipedos Nafta is the state-owned company implementing the LNG terminal project, the goal of which is to ensure Lithuania's security of natural gas supply and diversification of supply sources. The project is supported by the Government of the Republic of Lithuania and is formally designated as having major economic significance to the state.