Klaipeda Lng Terminal Assigns 6 Twh Regasification Capacity for 2024

Following the conclusion of the annual Klaipeda LNG terminal capacity allocation procedure by the Lithuanian LNG terminal operator Klaipedos Nafta (KN), the terminal’s 6 terawatt-hour (TWh) regasification capacity for the 2024 terminal gas year has been allocated to four customers from Lithuania and Estonia.

According to KN, in 2024, a total of about 34 TWh of natural gas is expected to be regasified, with cargoes to be delivered by 34 conventional LNG carriers (LNGCs), and most of the natural gas (24 TWh) will be delivered to customers from Lithuania, Latvia and Poland, which booked long-term LNG terminal capacity last year.

KN informed that a further 4 TWh of capacity from the spot market will be allocated over the next year, based on the need to import natural gas to ensure the isolated operation of the electricity system and, in the absence of such a need, to meet natural gas demand on a case by case basis.

Mindaugas Navikas, CCO of KN, commented: “The global natural gas market is still full of uncertainties, therefore it is of utmost importance that in such turbulent times Klaipeda LNG terminal operates smoothly and almost at maximum capacity and KN fully ensures the provision of regasification services in line with the needs of the regional market.”

“A total of six customers will use the LNG terminal services next year. We are delighted that the capacity allocation model, which was updated in 2022, has contributed to the stability in the use of the LNG terminal and allows the terminal users to plan their cargo deliveries accurately, thus ensuring a reliable natural gas supply at the most competitive price on the market for the customers in Lithuania and the surrounding countries.”

To note, as stated by KN, from the beginning of the year until 23 July, the LNG terminal has received 20 large-scale LNG carriers, and the same number of LNG carriers is planned to be received by the end of the year. During this first period, 2.9 million cubic meters of LNG were delivered, with the majority (48%) coming from Norway. Natural gas was also imported from the U.S., Nigeria and Algeria. It is planned that about 37 TWh of natural gas will be regasified at the Klaipeda LNG terminal this year, KN said.

By comparison, in 2022, 46 LNG carriers brought in almost 5 million cubic meters of LNG, with the majority (65%) coming from the U.S.