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Regarding the Letter of Expectations from the Ministry of Energy received by AB Klaipėdos nafta


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


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