Latvia has identified the largest gas importer in the world, the South Korea-based Korea Gas Corporation (KOGAS), as a potential partner to build a liquefied natural gas (LNG) terminal near Riga, the Latvian public broadcaster (LSM) reported on Wednesday.
According to LSM, Latvia's Economy Ministry will likely to conclude the deal when its delegation visits South Korea later this month.
The total investment in the project is estimated at 90 million euros, including 60 million euros for the construction of the terminal in the Gulf of Riga about 2.5 kilometers from the coast and 20 million euros for the construction of a 40 kilometer gas pipeline from the port of Skulte to the Inčukalns underground gas storage facility.
Lithuania currently owns and operates an LNG terminal near Klaipėda and the Latvian border, which was also built in South Korea.
The Baltic states are in the process of synchronising their electricy networks with the EU and switching off from the Moscow-controlled BRELL grid, and has worked to decrease its dependence on Russian gas imports.