Liquefied natural gas makes up three quarters of Lithuanian gas market

In the first half of 2016, liquefied natural gas (LNG) amounted to 73 percent of natural gas supplied in the country, according to statistics announced on Friday.

According to Litgas, at the start of the year, Lietuvos duju tiekimas, the country's main gas supplying company, and Achema, Lithuania's largest producer of fertilizers, used the favorable conditions in global gas markets to purchase natural gas for this year, thus leading to the rise of LNG supplies to Lithuania.

"This is a natural outcome of diversification of supply sources and a few years of efforts at LNG supply market," Dominykas Tuckus, the chairman of the board of Litgas, was quoted as saying.

Norwegian energy company Statoil and the main supplier of natural gas to the LNG terminal in Klaipeda, had proposed the most favorable conditions, according to Litgas.

The company says favorable natural gas purchasing conditions has led to a decrease in gas prices for consumers.

LNG supplies have been provided to Lithuanian gas market since the start of 2015, after the country had built itself LNG terminal and rented a floating regasification vessel called The Independence.

It was the country's strategic move to diversify natural gas supply sources and lower dependency on its sole natural gas supplier Gazprom, the Russian gas company. Enditem