memoranda parakstīšana

Translated using ChatGPT service.

From September 16 to 17, under the leadership of Minister of Economy Viktors Valainis, a trade mission took place in Houston, USA, where Latvian entrepreneurs and representatives from the Latvian Investment and Development Agency (LIAA) participated in the world’s largest energy industry conference, “Gastech.” Meetings were also held with energy companies and potential investors. As a result of the two-day mission, a cooperation agreement was signed between the U.S. company KBR, a leading engineering solutions provider, and the Liepāja Special Economic Zone company GI Termināls, along with other valuable agreements. On September 18, the largest Latvian trade mission to the U.S. will continue in San Francisco, where President Edgars Rinkēvičs will join, and the mission will conclude on September 24 in Denver.

“Gastech” is the largest event in the energy sector, attracting over 50,000 participants from 156 countries. During the conference, Minister Valainis met with Geoffrey R. Pyatt, U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, to discuss bilateral cooperation in the energy sector, energy security, and Latvia’s support for Ukraine’s energy sector. Valainis noted that in one instance, an agreement was reached to double diesel fuel deliveries to Latvia, which will enhance the use of port infrastructure, increase competition, and ensure supply security.

“Gastech” is held annually in different cities and is the largest event in the oil, natural gas, LNG, hydrogen, and energy sectors. This year, the focus was on hydrogen technology as a clean energy source, an area where Latvia has several significant projects in the pipeline.

Raivis Bremšmits, Director of LIAA, emphasized the importance of the conference: “Companies in the oil and gas market are looking for new niches to maintain their market share. They are ready to invest in green energy projects, which align with Latvia’s priorities. We met with several potential investors, including a company specializing in photocatalysis technology to reduce energy consumption and emissions in production processes.”

During the Houston visit, a cooperation agreement was signed between KBR and the Liepāja Special Economic Zone company GI Termināls. According to the agreement, KBR will offer patented engineering solutions and equipment for the establishment of a Sustainable Aviation Fuel (SAF) production plant with an expected capacity of up to 100,000 tons per year. The aviation fuel will be produced from CO₂ emissions and hydrogen. The partnership will also include consultations and other forms of support.

“Having a global player like KBR enter Latvia is a significant step toward sustainable innovation. The production of sustainable aviation fuel and investments in hydrogen technologies, facilitated by this collaboration, will undoubtedly advance Latvia’s energy sector growth and enhance our industrial competitiveness,” said Minister Valainis.

Both Liepāja and Ventspils are currently working on green hydrogen projects, and potential SAF plants could be developed in other parts of Latvia, including the Latgale region, where several renewable energy projects, such as wind and solar parks, are being planned.

Amans Ahmad, Senior Vice President of Sustainable Technology at KBR, expressed his enthusiasm for this being their first project in the Baltic region, saying: “We are excited to introduce our technologies to the Baltic market. KBR’s portfolio includes approximately 20 patented technologies that efficiently process fossil resources like CO₂. The project in Liepāja is expected to be completed by 2030.”

After Houston, the trade mission will continue to the U.S. technology hub of San Francisco, where meetings with companies such as Meta, Google, Microsoft, and Open AI are planned. Several Latvian technology companies will use the visit to meet with potential partners and seek investment opportunities.

In Denver, companies have scheduled individual meetings to learn from the experience of SAF Tehnika in the U.S. market, meet with local business organizations, and connect with members of the Latvian community in Denver.

Latvia’s export trade balance with the U.S. is currently just under one billion euros, with around 50% coming from service exports. This differs from Latvia’s overall export portfolio, where about 70% consists of goods exports. In this trade mission to the U.S., 80% of participants are service exporters, representing industries such as data storage, IT services, financial technology, logistics, artificial intelligence solutions, and more.

Participating companies and organizations in the trade mission include Latvenergo, LMT, TET, TestDevLab, Asya, JEFF, RixTechnologies, SWH Sets, Riga Freeport Authority, Liepāja Special Economic Zone Authority, Ventspils Freeport Authority, Fokker Next Gen, Codnity Dev, Delta Green Line EU, PrintyMed, Salaspils Siltums, AJ Power Holding, Liepājas enerģija, Siltumelektroprojekts, Rīgas Siltums, GRINDEKS, Olpha, Latvian Chamber of Commerce and Industry, Kurzeme Fisheries Producers Organization, Latgale Planning Region, RTU, SAF TEHNIKA, Handwave, Delta Green Line EU, BATWATEX, Moon Inc, Orbit8, Goldingen G.B., Hyper, Abillio, Sehaci, Risk Focus LV, UPCODE, Data Center, Latvian State Radio and Television Center, APPLY, Pelegrin, Helve, Ax Group, AD VERBUM, and Rīgas Krēslu Fabrika.

Participation in high-level state visits abroad, organized by LIAA, is supported by the European Union co-financed Small and Medium-Sized Enterprises (SME) Innovation and Entrepreneurship Development Program, funded by the European Regional Development Fund and state financing.