Two projects in contention for building Latvia's LNG terminal

Take note – story published 1 year ago

Latvia's future LNG terminal could be developed by either AS “Skulte LNG Terminal” or “Kundziņsalas dienvidu projekts”, the Minister of Economics Ilze Indriksone (National Alliance) said June 7 Tuesday after a meeting of the Cabinet.

“Skulte LNG Terminal” wants to develop the terminal project in Saulkrasti, while the “Kundziņsalas dienvidu projekts” – in Rīga.

The Ministry of Economy (EM) has been tasked with submitting a report to the Cabinet on these two projects by August 31, in which the conformity of the projects with Latvia's economic and national interests would be assessed with the assistance of independent consultants.

The “Skulte LNG Terminal” joint stock company was registered in 2016 and has a core capital of EUR 42,000. Last year the company did not generate revenue from its core business, but its losses amounted to EUR 438, according to information. The website of the “Skulte LNG Terminal” states that Arnfins Unums and Pēteris Ragaušs.

Meanwhile, the “Kundziņsalas dienvidu projekts” was registered in 2010 and the company's core capital is EUR 4,268. The sole owner of the company is the U.S. company Millennium Energy Partners LLC, but its true beneficiary is Lasha Shanidze.

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