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    Xinhua: Lithuania to peg LNG prices to benchmark in London

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Rokas Masiulis, new Minister of Energy of Lithuania, said gas prices from new LNG terminal in Klaipeda will depend on international prices.

by: Sruthi

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Xinhua: Lithuania to peg LNG prices to benchmark in London

Rokas Masiulis, new Minister of Energy of Lithuania, revealed on Thursday that gas prices from new liquefied natural gas (LNG) terminal in Klaipeda will depend on international prices.

According to Masiulis, former CEO of Klaipedos nafta, the developer of the LNG terminal project, LNG prices from the new terminal will be determined by "transparent and clear British benchmark and not by oil".

"If benchmark plunges, our gas price decreases as well. But it will depend on global oil prices," said Masiulis in an interview with radio station Ziniu radijas.

Lithuania, which is fully dependent on natural gas supplies provided by Russia's Gazprom, pays the price pegged to oil prices.
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