LITGAS, the state controlled natural gas trading company of Lithuaina, signed non-binding contracts with seven global liquefied natural gas (LNG) suppliers on Tuesday.
According to the company, agreements should expand Lithuania's supply sources and allow alternative price benchmarking connected to the global gas prices.
"By signing agreements with such kind of suppliers we gain wide possibilities to purchase LNG in a spot market quickly and effectively," said Dominykas Tuckus, CEO of LITGAS in a statement.
"We will be able to react to the regional and international changes dynamically," added Tuckus.
The names of the companies are kept secret due to confidentiality reasons, but as LITGAS reveals, those companies altogether provide about a half of global LNG supplies.
LITGAS is also expected to sign an agreement on LNG supplies with Norwegian oil company Statoil soon.
Lithuania nowadays is fully dependent on natural gas supplies provided by Russia's Gazprom.