Klaipedos Nafta, SK E&S sign framework agreement
Lithuania's Klaipedos Nafta (KN) and South Korea's SK E&S have signed a framework agreement to cooperate on LNG business development internationally.
The partnership aims to jointly develop opportunities across the LNG value chain, including LNG infrastructure projects and trading, as well as exploring potential collaboration on renewable energy, clean hydrogen, and carbon capture projects.
Both companies are interested in collaborating on LNG terminal projects worldwide, particularly in Europe and Southeast Asia, and are exploring the potential for collaboration on a green energy hub in Eastern Europe, including hydrogen and low-carbon LNG projects.
“As the LNG terminal market continues to expand, KN is actively seeking new opportunities to participate in international LNG projects. This agreement will facilitate mutually beneficial cooperation between the two companies,” Darius Silenskis, the CEO of KN, said.
“SK E&S fully understands and appreciates Lithuania's commitment to Green Energy Transition and Stable Energy Supply. In collaboration with KN, SK E&S is confident that this partnership will not only uncover new business opportunities, but also make significant contributions to the realization of Lithuania's national energy vision,” said Hyeongwook Choo, CEO of SK E&S.
KN said a joint feasibility study is being considered to assess the potential for projects related to hydrogen, energy storage systems, and low-carbon LNG.