Lithuanian Port allocated a record £587.4 million to port related projects during the first half of 2013
Capital expenditure at the Port of Klaipeda reached record levels in the first half of the year with the Lithuanian port allocating 233,612 million litas (£58.4 million) to port related projects.
In a bid to further enhance its port infrastructure, the port authority will also invest a further £116.75 million (excluding VAT) over the next two years.
The record expenditure during the first six months of the current year is not only a record sum compared to previous half-year figures, but it also exceeds annual investment rates. The previous highest annual investment was recorded in 2008 when £41.5 million was spent by the port.
In June this year, the Port of Klaipeda announced that plans for its eagerly awaited LNG import terminal were beginning to be realised with the news that the European Investment Bank (EIB) had agreed to lend energy company Klaipedos Nafto €87 million to help execute the project. The LNG facility, to be constructed and operated by Klaipedos Nafto, is seen as crucial for Lithuania to both diversify and secure its future energy supply.