Minister of Economic Affairs, Mika Lintilä, and the Estonian Minister of Economy and Infrastructure, Riina Sikkut, have today made a decision in principle, according to which the floating LNG terminal will be placed in the port area of Inkoo, Finland, at the end of this year. According to the ministers’ policy, Finnish and Estonian gas consumers are on an equal footing when it comes to using the floating LNG terminal.
Under the leadership of Gasgrid Finland, port structures for the floating LNG terminal containing liquefied natural gas are currently being built in the port area of Inkoo. Gasgrid Finland is implementing the floating LNG terminal project on behalf of the Finnish government, and it aims to ensure the supply of gas for industry, heavy traffic and the combined production of electricity and heat for households as well. The project, which is critically important to Finland’s security of supply, will secure the availability of gas well into the future. The terminal will operate according to fair market principles with respect to all operators, and the regulations related to it are just coming up for public consultation in Finland and Estonia.
“The construction of the port structures begun in Inkoo in August 2022, so that the liquefied natural gas contained in the LNG terminal can be used already this winter. The floating LNG terminal will be anchored in the port area of Inkoo in December 2022, after which the LNG terminal ship will be integrated into our gas transmission system. With these prospects, the actual production use of gas can be started in January. The overall project has so far progressed according to plans and I express my gratitude to our professional cooperation network for their excellent cooperation. I also consider the progress of the work in Paldiski to be important, so that we can guarantee security of supply in all situations,” says Gasgrid CEO Olli Sipilä.
According to Minister Lintilä, the consumers of both countries will benefit from the LNG terminal regardless of its location. “the operator of the floating LNG terminal treats both Estonians and Finns equally. In order to reduce the risks of security of supply in the coming winter, we are ready to implement conditions to ensure an equal supply of gas to consumers in both Estonia and Finland,” says Minister of Economic Affairs Lintilä in a press release from the Ministry of Economic Affairs and Employment.
The 291 meter long and 43 meter wide floating LNG terminal contains approximately 68,000 tons of LNG when fully loaded. The total cost of the floating LNG terminal ship is estimated at 460 million euros with a 10-year lease.
Olli Sipilä, CEO, Gasgrid Finland Oy, tel. +358 40 589 4686, firstname.lastname@example.org