Correction: Regarding the Letter of Expectations from the Ministry of Energy received by AB Klaipėdos nafta
18 Julio 2023 - 12:00PM
Correction: Regarding the Letter of Expectations from the Ministry
of Energy received by AB Klaipėdos nafta
Correction: corrected Letter on the objectives
pursued and expectations set by the State for the stock company
"Klaipėdos nafta" (hereinafter Letter), i.e.: the date of the
Letter and paragraph 5 (five) the Group's operating
principles, Group’s corporate governance has been corrected.
AB "Klaipėdos nafta" (hereinafter - the Company)
informs that on 08-03-2023 the Company received the Letter of
expectations of the shareholder of the Ministry of Energy of the
Republic of Lithuania (hereinafter - ENMIN), which owns 72.47
percent of the Company's shares (hereinafter - the Letter of
Expectations).
Taking into account the changes that took place
at the political and economic level globally and Company's aim to
adapt to these changes by diversifying its activities, the Letter
of Expectations presented by ENMIN confirms the direction of the
changes sought by the Company and enables the Company to
purposefully create and implement a long-term strategy.
ENMIN's main expectations for the activities of
the Company and its subsidiaries (hereinafter referred to as the
Group) and potential directions for diversification of
activities:
I. Objectives of ensuring Lithuania's energy
independence:
- to ensure that the LNG floating storage and
regasification unit "Independence" is acquired into ownership by
December 31, 2024 and also ensure smooth long-term operation of the
Klaipėda LNG terminal until 2044;
- to make maximum efforts ensuring the physical
and cyber security of the Company's managed facilities important
for the national security;
- to allocate long-term and short-term
capacities of the LNG terminal taking into account the national
needs of natural gas supply and ensuring national security;
- to ensure the smooth operation of managed oil
terminals and appropriate technical condition of the
infrastructure;
- to ensure the conditions for the long-term
storage of state oil product reserves.
II. Transformation and international development
goals:
- to have a long-term strategy, the
implementation of which would ensure consistent growth and
competitiveness of the Company in a climate-neutral economy,
adapting to the transformation of the European Union's green
course. In the strategy, the period up to 2030 should be planned in
detail, and the period 2030-2050 should be planned by providing
priority directions and business development goals and indicators
pursued by the Company;
- to participate in the transformation of the
Lithuanian energy sector as Lithuania transitions to green energy
and seek to establish itself in the value chain of clean
energy;
- the Company must continue to strive to use the
available potential - the unique experience and knowledge
accumulated during the development of the Klaipėda LNG terminal
project and subsequent management of the terminal.
III. Financial expectations:
- the profitability of the Company's activities
must not be lower than the indicators set by the Government;
- the Company must maintain a consistent
implementation of the dividend policy, and the level of dividends
paid by the Company must at least EUR 5 million in the medium term,
starting from 2026, and in the long term, as part of the
implementation of the Company’s long-term strategy, for an annual
dividend level of at least EUR 12 million from 2030.
- to seek benefits for the shareholders in the
execution of contracts for the transshipment of oil products;
- the Company must ensure consistent and
sustainable development of Company's activities, developing
existing and new return-generating activities and acquiring the
necessary competences.
IV. Group activity principles:
- the Group must conduct its activities
according to the highest standards of transparency, governance,
ethics and social responsibility. The Company must ensure the
efficient operation of the Group, effective supervision and control
of the Group's companies;
- the activities of the Group's companies must
be based on transparency, operational efficiency, sustainable
development, responsibility and values, and the development of the
culture of employee health and safety.
V. Accountability:
- in accordance with the good governance
practices, accountability is also foreseen, ensuring cooperation
between the Shareholder, the chairmen of the Company's collegial
bodies and the Chief Executive Officer, by initiative of meetings
regarding essential events that took place during the reference
period, the implementation of expectations and the progress of the
implementation of strategic goals, and other issues of fundamental
importance to the continuity of Company's activities; as well as
collegial bodies self evaluation of their activities.
The full text of the Letter of Expectation can
be found in the attached document.
Annex: Letter on the expectations set by the
state for the AB Klaipėdos nafta.
Chief Financial Officer Mindaugas Kvekšas, +370
46 391 772
- Letter on the expectations set by the State for the AB
Klaipedos nafta
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