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Lithuania : LITHUANIAN SEIMAS allows Nordic Investment Bank for a STATE GUARANTEE

July 10, 2014

The Seimas of the Republic of Lithuania has made its mind to grant a state guarantee to the Nordic Investment Bank on 8 July 2014, concerning the loan in the amount of EUR 34,754,402 granted to AB Klaipdos Nafta.

The loan was granted for the period of up to 20 years at the interest rate set by the NIB for financing the investment project Liquefied Natural Gas Terminal, the state assuming guarantee obligations regarding repayment of the loan of EUR 34,754,402 and payment of interest.

Even, it was demonstrated that the state guarantee concerning the above-mentioned loan would also be valid when the LNGT project executed by the company and/or the works and/or the assets forming it are transferred and/or the LNGT activity executed by the company is moved to a subsidiary directly 100% controlled by the company under the procedure set by legal acts. The Republic of Lithuania will maintain direct control over at least 67% of the shares of the company and the company will maintain 100% of the shares of subsidiary throughout the entire period of the loan.

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Source: TendersInfo (India)

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