A delegation from SK Group, one of the largest conglomerates in Republic of Korea, is visiting Lithuania on May 11-12th. During the visit, the developer and operator of petrochemical and liquefied natural gas (LNG) terminals KN (Klaipėdos Nafta AB) and SK E&S, which is responsible for energy sectors such as LNG, renewable and hydrogen within the SK Group, signed a framework agreement on cooperation opportunities in the field of international LNG business development.
The Parties have reached an agreement to collaborate and exchange expertise and information, with the aim of jointly developing business opportunities across the LNG value chain, specifically, in areas of development of LNG infrastructure projects and open new LNG trading opportunities. Furthermore, the possibility of cooperation on renewable energy, clean hydrogen, and carbon capture projects is also under consideration.
As part of the signed agreement, the collaboration between the Parties will involve the exchange of information on international opportunities related to LNG terminals by jointly conducting assessment of such opportunities. The cooperation between the Parties will also encompass technological collaboration, education and training initiatives, and seminars related to joint projects.
According to Darius Šilenskis, the CEO of KN, both companies have a keen interest in collaborating on the development of LNG terminal projects worldwide, particularly in Europe and Southeast Asia.
“As the LNG terminal market continues to expand, KN is actively seeking new opportunities to participate in international LNG projects. This agreement will facilitate mutually beneficial cooperation between the two companies. We will utilise the strengths of each company to pursue projects globally, in the EU and Southeast Asia, considering added value to be gained from using each other’s experience, capabilities, resources, technologies and client relations and to maximise the benefits for both Parties.
Given our expertise and experience in LNG terminal development, coupled with a solid understanding of the EU regulatory environment, we can provide valuable support to SK E&S seeking to expand their markets through LNG project development. KN is extremely glad in contributing to expansion of business relations among the countries and enabling further cooperation growth”, notes the CEO of KN.
“SK E&S fully understands and appreciates Lithuania’s commitment to Green Energy Transition and Stable Energy Supply. In collaboration with KN, SK E&S is confident that this partnership will not only uncover new business opportunities, but also make significant contributions to the realisation of Lithuania’s national energy vision”, says Hyeongwook Choo, the CEO of SK E&S.
KN and SK E&S are also exploring the potential for collaboration on the development of a green energy hub in Eastern Europe. As part of this exploration, a joint feasibility study is being considered to assess the potential for projects related to hydrogen, energy storage systems, and low-carbon LNG.
The Republic of Korea holds strategic importance for Lithuania in the Indo-Pacific region. As Lithuania continues to diversify its supply chains into advanced and stable markets across Asia and Oceania, trade between Lithuania and Korea grew by 39 percent in 2021, and in 2022 growth rate was 22 percent. Furthermore, 2021 marked the 30th anniversary of diplomatic relations between Lithuania and Korea, the same year in which the Lithuanian Embassy opened in Seoul.
For more information visit www.kn.lt
