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Latvijas Gaze would consider LNG purchase options if Latvia banned Russian gas imports completely

Since 1 April, Russian gas is no longer flowing to Latvia, Estonia and Lithuania. The Baltic market was currently being served by gas reserves stored underground in Latvia

Latvijas Gaze would consider LNG purchase options if Latvia banned Russian gas imports completely

Riga, April 11- Neftegaz.RU. If Latvia banned Russian gas imports completely, Latvijas Gaze natural gas utility would consider liquefied natural gas (LNG) purchase options so it could continue operations, the company's representative Anastasija Petere informed LETA.

She indicated that it is not clear at this point where and how much LNG could be purchased.
Besides, Latvijas Gaze could only purchase LNG if it was technically possible to deliver the product because the capacity of LNG deliveries is not inexhaustible.

As reported, the Saeima's Economic, Agriculture, Environmental & Regional Policy Committee on April 6 endorsed a proposal to impose a ban on gas supplies from Russia to Latvia.
For the bill to be enacted, it has yet to pass to more readings in the committee and parliament.

Latvijas Gaze CEO Aigars Kalvitis warned in a statement of Nasdaq Riga that a ban on Russian gas imports would result in an energy crisis and higher prices for customers.
The Latvijas Gaze CEO informed:
  • With the available reserves, we can keep the market in its current state till July 2022
Latvijas Gaze's largest shareholders are Gazprom (34 %), Marguerite Gas II.S.a.r.l. (28.97 %), Uniper Ruhrgas International (18.26 %) and Itera Latvija (16 %).

Gas use across the 3 Baltic states is small, with Estonia's demand currently around just 0.5 Bcm/year.
Lithuania's consumption in 2021 was around 2.3 Bcm, while Latvia's demand is estimated at some 1.5 Bcm/year.

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