The Gas Interconnector Poland-Lithuania project is meant to secure the natural gas supply to the Baltic states.
The 534-kilometre line is scheduled to be complete by December 2019.
The European Commission, which took part in the deal, said in a statement that the pipeline would “end the long lasting isolation of the Baltic Sea region” as well as bringing Baltic states “the energy needed for a new economic dynamism.”
Lithuanian officials also said the pipeline could be used to transport gas to Ukraine via Poland through the LNG terminal at Klaipeda.
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