Stable demand for its services in both domestic and international markets, along with the successful further diversification of portfolio of activities, contributed to the KN Group's successful 9-month performance. In the first three quarters of 2023, KN Group generated a net profit of EUR 5.5 million (compared to a EUR 29 million loss a year ago), and Group EBITDA reached EUR 28 million (compared to EUR 27.2 million a year ago).
 
From January to September this year, the KN Group's revenues were 13% higher than in the corresponding period a year ago: this year, the KN Group generated revenues of EUR 63.6 million, compared to EUR 56.5 million a year ago. The Group's adjusted net profit for the first nine months of 2023 amounts to EUR 6.2 million (compared to EUR 6.3 million the previous year).
 
"Our past actions to adapt to changes in the market, our focus on operational efficiency, and our ability to respond to changes in our customers' needs ensure stable performance. We are seeing increasing demand for liquid energy products in markets both in Europe and worldwide. This contributes to the high level of refinery activity and favors us in maintaining stable cargo flows. From a regional perspective, our performance is influenced by both the high utilization rate of Klaipėda LNG infrastructure and returns on international LNG activity," says Darius Šilenskis, KN CEO.
 
The performance of the liquid energy terminals was mainly driven by increased domestic demand for oil products, particularly diesel and gasoline, as well as stable demand for biofuels. Tank truck handling also grew significantly, with volumes up 10% year-on-year. Additionally, KN Group continued transhippment and storage of diesel for Ukrainian needs, efficiently utilizing the leased infrastructure of the Marijampolė terminal. The successful diversification of its portfolio of activities resulted in the EBITDA of the Liquid Energy Products segment in the first nine months of the year being EUR 8.3 million, or 37%, higher than in the corresponding period a year earlier.
 
The Klaipėda LNG terminal continued to maintain a high level of occupancy compared to other terminals of this type in Europe. In the first 9 months of this year, the Klaipėda LNG terminal regasified and transshipped 26.5 TWh of natural gas, which is 16% more than in the same period a year ago. With the introduction of cost-based pricing for the LNG terminal in 2022 and the allocation of long-term capacity, Klaipėda LNG terminal collects about half of its revenues this year from customers abroad.
 
In the first nine months of this year, the commercial LNG segment's revenues were more than a third (35%) higher compared to the 9M 2022 result. The Commercial LNG result is significantly boosted by services provided to LNG terminals in Brazil, Germany, and consulting clients in Italy.
 
"Alongside our business performance, we set ourselves targets for operational excellence and sustainability, anchored in our long-term strategy. We are focusing on initiatives to control emissions, with an ambitious target to reduce emissions from our direct operations by at least 30% by 2030. Compared to 2022, emissions at liquid energy terminals have decreased by 9% this year. We are also focused on comprehensive operational safety, and we are pleased to have achieved more than 250 days without Lost time incidents. Operational excellence, sustainability, and occupational safety will continue to be high on KN's agenda in the future," says the KN CEO.

As it enters a new phase of company activities, the company Klaipėdos nafta (KN) is changing its legal name to KN Energies. This new name reflects the goals established in the company’s long-term operational strategy, presented this year, to follow the path of sustainable energy by adapting to the worldwide energy transformation and switching from fossil fuels to new types of energy. Additionally, the new name is aimed at international markets, where the company is also developing its activities.
 
The name KN Energies is scheduled to be officially established on 10 January 2024.
 
KN’s long-term operational strategy, approved this June, includes three main areas of activity: liquid energy products; liquefied natural gas (LNG) terminals; and work with new types of energy, such as synthetic fuel, hydrogen and its compounds, and other alternative energy carriers, as well as carbon dioxide capture and storage. The company plans to gradually diversify its activities, consistently creating the required new infrastructure while adapting the existing one.
 
“While fossil fuels are still popular sources of energy, the entire world will have to transition to new types of energy in the upcoming decades. As we started the energy transformation, we are also moving in this direction. With the implementation of sustainable energy solutions, we aim to contribute to the creation of a cleaner, safer and richer future as we become a climate-neutral company. Thus, the new name better reflects our chosen direction of sustainable energy and does not limit the company’s activities to a specific type of energy,” says Darius Šilenskis, the CEO of KN. 
 
According to D. Šilenskis, another reason for the name change is the strengthening of the company’s activities in international markets.

“Today, we operate across different countries and continents - we have contributed to more than 10 international LNG projects, and we currently operate terminals in Klaipėda, Brazil, and Germany. Our goal is to become the leaders in the storage and transportation of new sustainable energy types in the Baltics by 2050. Therefore the new name will better represent us in the international market,” says D. Šilenskis.
 
The name KN Energies is scheduled to be officially established at the beginning of next year once the general meeting of shareholders approves the updated articles of association of the company and update articles of association will be registered in the Register of Legal Entities. The change of name will have no effect on the company’s employees, customers, and partners. The company’s obligations will remain unchanged, there will be no need to change contracts or agreements due to this change, and the address of the company’s registered office, address for correspondence, billing invoices, and other details will also remain the same. The brand also remains unchanged - KN will continue to use the brand which was updated in 2016. 
 
KN is an international energy terminal operator responsible for ensuring safe and reliable flows of liquid energy, loading of chemicals and raw materials for Baltic consumers, while also using the company’s knowledge and skills to assist clients around the world in developing sustainable energy infrastructure projects. The company currently operates three terminals for liquid energy products in Klaipėda, Subačius, and Marijampolė, and is also the operator of liquefied natural gas (LNG) terminals in Lithuania and Brazil. KN also provides commercial operation services for two of Germany's three floating LNG terminals. To date, the company has contributed to more than 10 different LNG projects around the world.
 

Klaipėda LNG Terminal Operator (hereinafter - Company) informs natural gas market participants about the planned announcement of the commencement of allocation of LNG Terminal SPOT LNG cargoes capacities for the first half of 2024.

Taking into account the provisions of the approved Regulations, the Company informs about the planned announcement of the invitation to submit applications for the acquisition of LNG Terminal SPOT cargoes capacities:

• First cargo, 25-26 January 2024 with regasification capacity from 9^th January until 17^th February (inclusively).
• Second cargo, 2-3 March 2024 with regasification capacity from 18^th February until 12^th April (inclusively).
• Size of spot cargo: 1 000 000 000 kWh +- 5%. Requests for different size of cargo are considered, however the priority is given to Conventional size of cargo.

The opening date and time for request submissions: 13th October 2023 at 13:00 EET.
The closing date and time for request submissions: 20th October 2023 at 13:00 EET.

Operations of Klaipėda liquefied natural gas (LNG) terminal will be temporarily suspended from 07:00 on 26 September to 07:00 on 30 September due to the scheduled annual equipment maintenance and repair works. During this period, Lithuania will be supplied with natural gas through the Lithuanian-Polish gas pipeline interconnector GIPL and from the Inčukalnis underground gas storage facility in Latvia.
 
During the scheduled maintenance and repair works, the entire infrastructure of the LNG terminal will be inspected, including the FSRU “Independence”, the terminal jetty and its equipment, the gas transmission pipeline facilities, and the gas metering station (in Kiškėnai village) from which the natural gas is transmitted to the natural gas transmission system. Maintenance works will be performed by KN (AB Klaipėdos nafta) employees, as well as Lithuanian and international contractors.

"The LNG terminal is a technological installation that requires regular maintenance and servicing. We aim to maximise the volume of scheduled works and to carry them out accurately and expeditiously, restoring the gas supply as soon as possible," comments Dainius Čiuta, Chief Operations Officer of KN.
 
The KN-operated LNG terminal in Klaipėda is temporarily shut down every year for scheduled maintenance works. Information on planned works is provided in publicly available schedules.
 
Once the LNG terminal resumes normal operations, the next LNG cargo is expected in Klaipėda on 1st October.
 
FSRU “Independence” is scheduled for an inspection and refit at the shipyard next spring. During it, the underwater section of the vessel will be inspected and repair work, which cannot be carried out without raising the vessel from the water, will be conducted.
 
Since the size of the storage-vessel “Independence” requires a large dock, which is not available in Klaipėda and neighbouring ports, the vessel will be sent to one of the southwestern European ports. For the maintenance and repair work approximately 25 days are planned. Taking into account the duration of the journey and the estimated scope of work, it is it is tentatively estimated that the FSRU “Independence” will not perform regasification for about one and a half month in 2024. Market participants and clients of the LNG terminal are informed about the scheduled timeline.