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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF LITHUANIA  >  Amber Grid    AMG1L   LT0000128696

AMBER GRID

(AMG1L)
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Amber Grid : Connection of the GIPL gas pipeline to the operating system will finalise two the most complex building stages - on third of works will be remaining

10/23/2020 | 06:10am EST

The gas interconnection GIPL that will integrate the Baltic and Finnish gas systems to the Western Europe is connected to the Lithuanian gas transmission system. Adhering to the safety requirements and controlling the growing COVID-19 risk, 60 per cent of the GIPL construction works is planned to be completed this year.

Large-scale construction works are in progress in Širvintai District, near Jauniūnai gas compressor station, in one of the main system units, where several trunk gas pipelines intersect. The starting point of the GIPL pipeline is located exactly at this place. The connection of the GIPL to the operating system is one the most complicated stage of the gas pipeline construction in the territory of Lithuania.

'The unit of gas pipelines near Jauniūnai gas compressor station is like a circulatory system - connection of one more strand to this system is equal to a complex surgery. We had to expose the pipeline, to install a standby line through which huge high-pressure gas flow was directed to ensure uninterrupted gas transmission in the entire system. Not only GIPL is connected to the system, but we also fit in new devices to ensure synchronous operation of the system and smooth distribution of gas flows', sad CEO of Amber Grid Nemunas Biknius.

According to N. Biknius, following successful completion of the GIPL interconnection to the system, 38 km section of the new gas pipeline from Jauniūnai to Elektrėnai will be filled with gas in November.

In ten months of the link construction in Lithuania, half of the entire GIPL project was completed. Having launched the project this January, 110 km GIPL pipelines of 165 km have already been welded in the territory of Lithuania. By the end of October, all necessary pipes for the remaining pipeline will be brought from Poland. The gas pipeline to be completed by the end of 2021 will interconnect the Lithuanian and Polish gas systems. The total investment into the project is around EUR 500 million, 60 per cent of which is financed by the European Union.

According to Mr. Biknius, the GIPL will enable removal of isolation of the gas market of the whole Baltic Region and Finland and integration of the Baltic and Finnish gas markets into the common European market.

'It means that a huge choice will open for Lithuania and the entire region - finally we will become a part of the large fully-fledged gas market. The GIPL will enable efficient use of the Lithuanian gas transmission system and Klaipėda LNG terminal. Besides, the link with Europe will make development of green energy in gas segment possible for us - it is impossible until we are isolated from the European market', noted Mr. Biknius.

Gas pipeline construction works are further carried out towards the Lithuanian-Polish border. The GIPL project is implemented according to the timetable and planned budget. Upon completion of two thirds of construction works this year, by the end of the next year the gas pipeline will be laid up to the Polish border; gas accounting and pressure regulation station will be installed in Marijampolė District, the entire link will be filled with gas and ready for its interconnection with the Polish gas transmission system.

Disclaimer

AB Amber Grid published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 10:09:04 UTC


© Publicnow 2020
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Financials
Sales 2019 54,8 M 66,3 M 66,3 M
Net income 2019 11,8 M 14,3 M 14,3 M
Net Debt 2019 73,6 M 89,1 M 89,1 M
P/E ratio 2019 14,8x
Yield 2019 -
Capitalization 184 M 222 M 222 M
EV / Sales 2018 5,19x
EV / Sales 2019 4,54x
Nbr of Employees 324
Free-Float 3,42%
Chart AMBER GRID
Duration : Period :
Amber Grid Technical Analysis Chart | AMG1L | LT0000128696 | MarketScreener
Income Statement Evolution
Managers and Directors
NameTitle
Nemunas Biknius Chief Executive Officer
Algirdas Juozaponis Chairman
Gytis Fominas Chief Financial Officer
Andrius Dagys Technical Director
Sigitas Žutautas Independent Director
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