European Commission will fund Finnish LNG terminal at Hamina

European Commission will fund Finnish LNG terminal at Hamina

The project located on Finland’s South-East coast will improve security of energy supply in the region

and will contribute to reducing carbon dioxide emissions, in line with EU energy and environmental

objectives and without unduly distorting competition in the Single Market. In particular, ending the

energy isolation of the Baltic Sea Region and integrating it fully into EU energy markets is a key building

block for the EU’s Energy Union strategy.

It will bring about a significant reduction in carbon dioxide emissions by providing cleaner fuel for

transport. At the same time, the LNG infrastructure will increase the security of supply in Finland,

providing an additional source of gas for the Finnish gas grid. The Hamina terminal will have a storage

capacity of 30,000 m³. The public funding of €27,660,000 will cover 30% of the total investment costs;

the remainder will be funded by the developer and future owner of the terminal.

Commissioner Margrethe Vestager, in charge of competition policy, said: “The Hamina LNG terminal is

one of several planned in Finland. These small scale LNG terminals will provide a new source of cleaner

fuel for the maritime industry and diversify Finland’s gas supply sources. It is a good example of EU state

aid rules encouraging sound public investment and helping the EU reach its energy security and

environmental goals.”

There are currently no LNG terminals in Finland, which is dependent on one source for its gas imports.

The Hamina project is part of Finland’s plans to create a network of small LNG terminals with the aim of

offering LNG fuelling stations for ships and ensuring an additional source of gas for Finland. The Hamina

LNG terminal will also contribute to the development of infrastructure supporting alternative fuels in a

port that is part of the trans-European transport network (TEN-T).

https://www.ngvjournal.com/european-commission-will-fund-finnish-lng-terminal-at-hamina/

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