“As far as I understood from discussions, the EIB’s approach is positive and it is inclined to take a favorable decision. I think that the borrowing costs would be lower in this case, compared with borrowing from commercial banks… I hope that the final decision will be made today,” Algirdas Butkevičius told reporters after meeting with EIB President Werner Hoyer on Tuesday morning.
The loan to Klaipėdos Nafta has been included in the official agenda of the meeting of the EIB’s board of directors, which will take place in Vilnius on Tuesday.
Last Friday, the management board of Klaipėdos Nafta decided to sign a loan agreement with the EIB, to which the developer of the LNG facility project earlier applied for a 73-million-euro loan. The loan of up to 20 years will be disbursed on condition that it is backed with a state guarantee.
The state-controlled company plans to use its own funds, money paid by gas consumers, and borrowed funds to finance the LNG terminal project, which is to be completed by December 2014.
