Regarding decisions of the extraordinary general meeting of shareholders of AB KLAIPĖDOS NAFTA
Cat: Material events
The Agenda the Extraordinary General Meeting of Shareholders of AB Klaipėdos Nafta held on 26 March 2012 comprised two items:
1. On the approval of the decision of the Board of AB Klaipėdos Nafta to continue the implementation of the LNG terminal project and to conclude a contract with the winner of the public procurement tender “Acquisition of a Floating Liquefied Natural Gas Storage and Regasification Unit”.
2. On the amendment of the Articles of Association of AB Klaipėdos Nafta.
The Extraordinary General Shareholders‘ Meeting passed the following decisions:
“To approve of the decision of the Board of AB Klaipėdos Nafta to continue the implementation of the LNG terminal project and to conclude a contract on lease, operation and maintenance (repair) of the floating liquefied natural gas storage and regasification unit (hereinafter, the FSRU) for 10 years with the right to redeem the FSRU with Höegh LNG Ltd., the winner of the public procurement tender of AB Klaipėdos Nafta “Acquisition of a Floating Liquefied Natural Gas Storage and Regasification Unit”, providing that the term of delivery of the FSRU to Klaipėda Port shall be from 1 September 2014 to 1 December 2014, setting a fixed price for lease of the FSRU, whereas the FSRU operation, maintenance (repair) costs shall be reimbursed on occurrence, however such costs will not exceed the agreed amount for the first two years, therefore, the total FSRU lease and operation costs for the first year, including remuneration for the crew and other payments, which will be indexed annually according to the consumer price index, will not exceed USD 156,200 (VAT excluded) per day, and also providing that AB Klaipėdos Nafta will have to submit to the FSRU supplier a warranty for payment of the amount not exceeding USD 50,000,000, for the issue of which AB Klaipėdos Nafta will have to pledge its property (funds in bank accounts, receivables) for the benefit of the person that issues the warranty.
To amend the below paragraphs of the Articles of Association of AB Klaipėdos Nafta to be read as follows:
2.1. The main objectives of the Company shall be to ensure efficient and effective operation of the Oil Terminal, oil and petroleum product pipelines as well as other facilities that are operated by the Company, to rationally use assets of the Company, to render services to the Company’s customers as well as to carry out any other activities with the aim of enhancing the interests of the Company and its shareholders. Furthermore, the objective of the Company shall be to install and equip a liquefied natural gas terminal and to prepare it for operation, to ensure cost-effective and rational operation of the liquefied natural gas terminal and/or its subsequent transfer to the operator of the natural gas transmission system controlled by the Republic of Lithuania.
To approve the enclosed new version of the Articles of Association of AB Klaipėdos Nafta (ENCLOSED).
To authorise the General Manager of AB Klaipėdos Nafta to sign and to register with the Register of Legal Entities the new version of the Articles of Association of the company.”