Baltic gas deals pressed down Russian prices

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Norwegian gas deals with Lithuania have led to some lower prices from Russia’s Gazprom, in an apparent attempt to hang on to Gazprom’s Baltic customers. Norway, however, is now playing a bigger role in the Baltic energy sector.

First Lithuania agreed to a long-term deal with Høegh LNG for a floating terminal for imports of natural gas, reports newspaper Aftenposten. Statoil followed with a new agreement on delivery of considerable amounts of gas.

Norway’s business in the Baltic energy sector has already prompted Gazprom to lower its gas prices to Lithuanian customers, according to the country’s foreign minister Linas Antanas Linkevicius.

Norway is now second only to Finland regarding foreign investment in Lithuania. Direct investment in Lithuanian business has increased 143 percent since 2010. At the same time, Lithuanians make up one of the largest groups of labour migrants to Norway, staff