Virsi-A buys 20% of Skulte LNG Terminal shares

• Published date: 20 May 2022
• Publication title: LETA

RIGA, May 20 (LETA) - Virsi-A, the operator of the Virsi filling station chain in Latvia, has signed an agreement to acquire a 20 percent stake in Skulte LNG Terminal, the company that plans to develop a liquefied natural gas (LNG) terminal outside the port of Skulte, the company said in a statement to Nasdaq Riga.

Virsi-A CEO Janis Viba indicates that the company's participation in the development of the Skulte project is a "well-considered step towards achieving the strategic goal of also becoming an energy company".

"We have studied in depth the location and financial model of the LNG terminal and concluded that it is the most cost-effective and functional natural gas import route in the Baltics, which is why we have decided to support the development of this infrastructure facility by participating in the project as a shareholder," Viba said.

The development of this project will increase the energy independence of Latvia and the Baltic region and will contribute significantly to the diversification of natural gas supplies and the further development of the natural gas market, according to the Virsi-A statement.

Vba also noted that Virsi-A have researched and developed various energy solutions and concluded that the consumption of methane in the region, including in the form of biomethane and natural gas as a transitional energy carrier, has a good outlook in the next ten years. This trend will continue for...