Lithuania and Norwegian company Hoegh LNG Holdings Ltd. (HLNG.OS) Friday signed a deal to build a liquefied natural gas terminal as the Baltic state strives to cut its politically-charged dependence on Russian supplies.

Under the 10-year lease contract, the offshore unit will be delivered by December 2014, Lithuania 's state-owned energy company Klaipedos Nafta AB (KNF1L.LV) said in a statement.

"The floating storage and regassification unit will help Lithuania to reduce its dependency on a single gas supplier and will grant access to international gas markets," said Rokas Masiulis, director general of Klaipedos Nafta.

Under the terms of the contract, Lithuania is to pay up to $156,200 a day during the lease period. Thereafter Klaipedos Nafta, of which the Lithuania state owns almost 71%, will have the right to purchase the unit and operate it itself.

Currently, Russian energy giant OAO Gazprom (GAZP.RS) is Lithuania 's only natural gas supplier, through a pipeline across Belarus . The two sides are locked in a bitter dispute over pricing and Lithuania 's moves to bring in European Union-piloted gas market reform legislation, which Gazprom says will harm its business interests.
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