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2014.05.12 14:04

Minister of Energy took part in “the Economist” forum on the future of energy

DELFI|The Lithuania Tribune2014.05.12 14:04

On 8 May, the Lithuanian Minister of Energy Jaroslav Neverovič attended the forum „European Energy Horizons 2014“ held by the British weekly “The Economist” in Stockholm, Sweden. The forum was dedicated to the future of energy and Neverovič talked about the possibilities to reduce dependence on gas imports from Russia, the Lithuanian Embassy in Sweden reported.

 On 8 May, the Lithuanian Minister of Energy Jaroslav Neverovič attended the forum „European Energy Horizons 2014“ held by the British weekly “The Economist” in Stockholm, Sweden. The forum was dedicated to the future of energy and Neverovič talked about the possibilities to reduce dependence on gas imports from Russia, the Lithuanian Embassy in Sweden reported.

According to the Minister, fast development of the global unconventional gas and LNG market irreversibly changes global and regional energy markets in Europe, US, China, India, Brazil, Japan, Australia, while Europe faces some serious challenges in energy sector – lack of competitiveness, fragmented energy market, import dependence and shortage security of supply, high energy – especially gas – prices.

“EU energy-intensive sectors (such as steel, aluminium, petrochemical, fertiliser, cement, paper, glass industry) currently are struggling to compete with those in Northern America as they paying are almost 3 times higher for the natural gas. It sets a new challenge for the EU – to establish a more developed energy market and consequently to become a more competitive player in worldwide economy,” – said Neverovič.

Neverovič named implementation of the EU Third Energy Package, diversification and completion of the internal energy market, creation of favourable conditions for the investment into unconventional gas exploration and production in Europe as the main tools to change the current dependence on gas imports from Russia.

“Speaking about diversification, adequate EU attention needs to be given to the projects which substantially contribute to the diversification of EU gas supply routes and sources, that is LNG import terminals,”– said Lithuanian Energy Minister.

During the forum Neverovič introduced the technical feasibility of LNG terminal which will start to operate this year in Lithuania and its significance to the Baltic region, he also spoke about the need to expand the gas transmission network in the region in order to remove obstacles and get the maximum benefit from the LNG terminal in Klaipėda.

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