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Lithuania to set up natural gas exchange

VILNIUS, Lithuania, Sept. 3 (UPI) -- Lithuania's Energy Ministry has drawn up guidelines to establish a Lithuanian natural gas trading exchange.

The guidelines, which define the main trading principles for the gas exchange as well as participants and their roles have been submitted to the government for approval, the Baltijos naujienu agentura news agency reported Friday.

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The new exchange is modeled on Lithuania's electricity exchange, which began operations this year.

Energy Minister Arvydas Sekmokas said in a news release: "Based on the analogous principles, Lithuania is in the process of establishing a gas exchange that will create, from its very initial stage, a competitive natural gas market.

"Later on, through the implementation of other strategic projects and with the entry of alternative gas suppliers into the market, this gas exchange would gradually become an instrument that will enable us to purchase all of our gas supplies under competitive market conditions."

Initial exchange operations would allow Lithuanian companies to sell unused natural gas to other companies, creating a secondary gas market.

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