Developers of Skulte liquefied natural gas (LNG) terminal have found a strategic investor and have submitted to the government a proposal with desired forms for cooperation, as reported by Skulte LNG Terminal JSC director general Renārs Miķelsons.
He said that on the 13th of January a letter was submitted to the Cabinet of Ministers. In it, the company and the investor listed commitment to implementing the project, as well as provided possible cooperation forms Skulte LNG Terminal would like to discuss.
Proposals provide administrative decisions that will help improve the terminal’s competitiveness and commercial contracts for the use of future power output. The letter also lists third-party companies and letting them sign contracts, as well as other forms of support based on European practices, explained Miķelsons. He also said that developers will invite the government to assess submitted proposals to move forward with the project’s implementation.
Miķelsons did not reveal the name of this investor,
but he did say that it is is a large company that owns terminals around the world. He also said the shares of this company are not quoted on the exchange, and that the company is prepared to reveal its name once the government has responded to the offer. «Once the strategic investor receive news from the government about the project, then the name of the investor will be reported and they will be able to start using their money to support the project,» said Miķelsons, stressing that the investor is committed to the project.
Skulte LNG Terminal’s director general also said the costs of the terminal will increase by approximately EUR 28 million if the project is implemented as originally intended – through the purchase of a ready platform from a Swedish company. Demand for such platforms is very high. This is why the price is up. At the same time, Miķelsons mentioned that an alternative is considered – to develop a unique design together with the strategic investor. This could reduce costs, but will take more time.
Skulte LNG Terminal was registered in 2016. The company’s website mentions that the company’s beneficial owners are Arnfins Unums and Pēteris Ragaušs. At the same time, in May 2022 Virši-A JSC announced the purchase of 20% of shares in the company.
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