As decided by the company's management board on Friday, the new company would have a registered capital of 200,000 euros and would be led, since establishment, by Mantas Bartuska, Klaipedos Nafta CEO, Klaipedos Nafta said in a filing to the NASDAQ Vilnius Stock Exchange.
LNG transportation services will be offered to customers in the Baltic Sea, also to customers of the LNG distribution station currently under construction in Klaipeda.
In line with plans, SGD Logistika, in tandem with Bomin Linde LNG, will establish a joint venture in Germany and will place an order to build an LNG bunkering carrier. Klaipedos Nafta intends to team up with the said partner for the provision of LNG bunkering services in the port of Klaipeda as well as in the Baltic and North Seas.
The board of Klaipedos Nafta also decided that the company would issue guarantees in relation to the obligations, which SGD Logistika would have to fulfil under the joint venture agreement with Bomin Linde LNG, also in relation to the payment of a part of the rent of the carrier. As estimated by Klaipedos Nafta, its possible total liability relating to those guarantees should not exceed 14 million US dollars (EUR 13.1 mln).
These decisions made by the board still need approval by Klaipedos Nafta shareholders, which will convene for a meeting on Dec. 14.
Klaipedos Nafta plans to build the on-shore LNG distribution station, worth 27 million euros, by early 2017 and to provide LNG bunkering and truck loading services to customers in the Baltic countries and Poland.
Construction on the distribution station is expected to be launched late this year or early next year after signing a contract with the contractor.
The state owns 72.32 percent of shares in Klaipedos Nafta, which is quoted on the Secondary List of the NASDAQ Vilnius Stock Exchange.
