Lietuvos energija, AB - Notification on material event

Lietuvos energija found an opportunity to purchase gas at more favourable conditions in Western Europe

Elektrenai, Lithuania, 2012-02-20 11:06 CET (GLOBE NEWSWIRE) -- Lietuvos
energija, AB (hereinafter Company) found an opportunity to purchase gas at a
more favourable conditions in Western Europe. Seeking to ensure transportation
of purchased gas to Lithuania, the Company requested the Russian gas company
Gazprom Export to provide an opportunity for natural gas swaps. The deal is
expected to reduce the company's costs related to the acquisition of gas, which
will consequently adjust electricity prices for Lithuanian users. 

If the agreement is reached, the Company will be able to exchange natural gas
acquired in European countries for the gas supplied to the territory of
Lithuania by Gazprom Export. The Russian company has been supplying natural gas
to Western Europe through Belarus. 

By its request submitted to Gazprom Export, the Company not only seeks to find
out the position of the Russian gas company in terms of the conclusion of a gas
swap agreement, but also searches for other options to acquire natural gas. The
Company has also proposed Gazprom Export an alternative to this agreement, i.e.
to acquire natural gas directly from Gazprom Export in accordance with the
conditions prevailing in the Western European market. The position of the
Russian company is expected to be stated in March 2012. 


         Jūratė Kavaliauskaitė
         Head of Communications, Lietuvos energija, AB
         Phone: +370 528 33691
         E-mail: jurate.kavaliauskaite@le.lt