Klaipedos Nafta - Notification on material event

Agreement on cooperation in performing the activities of operating the LNG bunkering carrier has been signed

On 24 November 2015, UAB “SGD logistika”, which is a wholly-owned subsidiary of
AB Klaipėdos Nafta, signed a joint venture agreement with partner Bomin Linde
LNG GmbH & Co. KG on joint performance of the activities of operating the LNG
bunkering carrier. 

Following the signed agreement, UAB “SGD logistika” together with Bomin Linde
LNG GmbH & Co. KG will establish a joint venture in Germany, in which UAB “SGD
logistika” will hold 20% of the authorised capital and Bomin Linde LNG GmbH &
Co. KG 80% of the authorised capital. This entity will order construction of an
LNG bunkering carrier. The LNG bunkering carrier will provide LNG fuel to
clients of Bomin Linde LNG GmbH & Co. KG both at sea and in the Klaipėda port,
will offer safe and flexible transportation of LNG from the Klaipėda LNG
terminal to the LNG distribution station in the Klaipėda port, will transport
LNG to terminals in the North Sea and the Baltic Sea. 

The agreement says that AB Klaipėdos Nafta will issue guarantees (i) regarding
performance of UAB “SGD logistika” obligations under the joint venture
agreement, also (ii) regarding payment of a part of the rent for the carrier.
According to the estimates of AB Klaipėdos Nafta, the possible total liability
of AB Klaipėdos Nafta according to such guarantees should not exceed the amount
of USD 14,000,000. The joint venture agreement establishes that it will come
into effect after the general meeting of shareholders of the company, which is
to be held on 14 December 2015, approves of the decisions of the Board of the
company regarding issuance of guarantees. 




         Marius Pulkauninkas, Director of Finance and Administration
Department, tel. 8 46 391763