Klaipėdos nafta, implementing a new operational strategy, to change its name to KN Energies

As it enters a new phase of company activities, the company Klaipėdos nafta (KN) is changing its legal name to KN Energies. This new name reflects the goals established in the company’s long-term operational strategy, presented this year, to follow the path of sustainable energy by adapting to the worldwide energy transformation and switching from fossil fuels to new types of energy. Additionally, the new name is aimed at international markets, where the company is also developing its activities.
 
The name KN Energies is scheduled to be officially established on 10 January 2024.
 
KN’s long-term operational strategy, approved this June, includes three main areas of activity: liquid energy products; liquefied natural gas (LNG) terminals; and work with new types of energy, such as synthetic fuel, hydrogen and its compounds, and other alternative energy carriers, as well as carbon dioxide capture and storage. The company plans to gradually diversify its activities, consistently creating the required new infrastructure while adapting the existing one.
 
“While fossil fuels are still popular sources of energy, the entire world will have to transition to new types of energy in the upcoming decades. As we started the energy transformation, we are also moving in this direction. With the implementation of sustainable energy solutions, we aim to contribute to the creation of a cleaner, safer and richer future as we become a climate-neutral company. Thus, the new name better reflects our chosen direction of sustainable energy and does not limit the company’s activities to a specific type of energy,” says Darius Šilenskis, the CEO of KN. 
 
According to D. Šilenskis, another reason for the name change is the strengthening of the company’s activities in international markets.

“Today, we operate across different countries and continents – we have contributed to more than 10 international LNG projects, and we currently operate terminals in Klaipėda, Brazil, and Germany. Our goal is to become the leaders in the storage and transportation of new sustainable energy types in the Baltics by 2050. Therefore the new name will better represent us in the international market,” says D. Šilenskis.
 
The name KN Energies is scheduled to be officially established at the beginning of next year once the general meeting of shareholders approves the updated articles of association of the company and update articles of association will be registered in the Register of Legal Entities. The change of name will have no effect on the company’s employees, customers, and partners. The company’s obligations will remain unchanged, there will be no need to change contracts or agreements due to this change, and the address of the company’s registered office, address for correspondence, billing invoices, and other details will also remain the same. The brand also remains unchanged – KN will continue to use the brand which was updated in 2016. 
 
KN is an international energy terminal operator responsible for ensuring safe and reliable flows of liquid energy, loading of chemicals and raw materials for Baltic consumers, while also using the company’s knowledge and skills to assist clients around the world in developing sustainable energy infrastructure projects. The company currently operates three terminals for liquid energy products in Klaipėda, Subačius, and Marijampolė, and is also the operator of liquefied natural gas (LNG) terminals in Lithuania and Brazil. KN also provides commercial operation services for two of Germany's three floating LNG terminals. To date, the company has contributed to more than 10 different LNG projects around the world.