European Union antitrust authorities have approved the state aid that Lithuania 's government is providing for the construction and operation of a liquefied natural gas terminal, the EU said Wednesday.

The 448 million euros ($605.4 million) in government support is being provided for an LNG terminal at Klaipeda Seaport and aims to increase the security of gas supplies within Lithuania , which is currently entirely dependent on gas supplies from Russian energy giant Gazprom OAO (GAZP.RS) the EU said.

"The aid will reduce Lithuania 's dependence on a single source of gas supplies and enhance its security of supply," EU competition commissioner Joaquin Almunia said in a statement.

"By diversifying the gas supply sources, the terminal will also stimulate competition between gas suppliers, which in turn will benefit consumers," he added.
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