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Latvian company becomes part of

Skulte LNG terminal project

TERMINALS LATVIAN domestic fuel trader and local energy implementation of this project,” said Viba.
company AS Virsi-A (Virsi) announced on May “The LNG terminal in Skulte as an infrastruc-
20 it has signed an agreement with AS Skulte ture facility in combination with the Incukalns
LNG Terminal to acquire 20% of its shares to underground natural gas storage facility is an
jointly develop a liquefied natural gas (LNG) excellent tandem not only for supplying Latvian
terminal at the port of Skulte. consumption, but also for creating competitive
“The development of this project will increase natural gas supplies for the wider region, which
the energy independence of Latvia and the Bal- includes the Baltic States as well as Finland and
tic region and will contribute significantly to the Poland,” Viba said.
diversification of natural gas supplies and the The Skulte LNG terminal has yet to be built,
further development of the natural gas market,” but the Skulte project requires 34km of direct
a company press release said. pipeline connection to the existing Incukalns
“The LNG terminal is a matter of Latvia’s underground gas storage facility. Established
energy independence, and Virsi, as a locally in 2016, Skulte LNG Terminal is developing a
owned energy company, wants to contribute to LNG import terminal project in the Skulte Port
the diversification of the country’s energy sup- area with a direct pipeline connection to the
ply routes. Participation of Virsi in the develop- Incukalns underground gas storage facility. The
ment of the Skulte project is a well-considered company’s shareholders are the National Gas
step towards achieving the strategic goal of also Terminal Society and Peter A. Ragauss, an entre-
becoming an energy company,” said Janis Viba, preneur with experience in the energy sector in
Chairman of the Board and CEO of AS Virsi-A. the US market.
“We have studied in depth the location and Virsi announced its strategic goal of growing
financial model of the LNG terminal and con- into an energy company more than a year ago,
cluded that it is the most cost-effective and becoming an energy trader actively using local
functional natural gas import route in the Bal- green energy resources. AS VIRSI-A is the larg-
tics, which is why we have decided to support est domestic fuel trader, with 66 service stations
the development of this infrastructure facility and the company employs more than 650 people
by participating in the project as a shareholder. across all regions of Latvia. AS VIRSI-A shares
We are confident that the consumers and busi- are trading on the Nasdaq Baltic First North
nesses of Latvia will benefit from the successful Market.™

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