LNG floating terminal
The Finnish state tasked Gasgrid Finland Oy with investigating the addition of an LNG floating terminal vessel, or floating storage and regasification unit (FSRU), as an alternative to Finnish gas import in early 2022. The lease of the terminal vessel enables Finland to break out of its dependence on Russian pipeline gas. Ensuring security of supply in the event of uncertain and unpredictable situations is paramount. The fastest solution to ensure Finland’s security of supply and the continuity of gas supplies in all different scenarios was an LNG floating terminal. The vessel secures Finland’s energy supply for both industry and households for a long time and is therefore an important project for the whole of Finland.
How the project was realized
See below the documentary about the implementation of the terminal ship project.
Facts
- The LNG floating terminal in Finland is 291 meters long and 43 meters wide
- It has a volume of approximately 151,000 cubic meters, corresponding to approximately 68,000 tonnes of LNG, liquefied natural gas, when fully loaded. This means approximately 1,050 GWh of energy content
- The vessel’s evaporation capacity is 140 GWh/day and even more than 40 TWh per year, exceeding Finland’s annual natural gas demand, which has historically been approximately 25 TWh per year
- The LNG terminal ship is anchored to the port structure, and the liquefied natural gas is re-vaporized onboard. The gas is then fed to the existing gas network via a connecting pipeline in the port structures
- The terminal vessel was anchored in the deep harbor of Inkoo, Finland in 28 December 2022. Although the vessel resides in southern Finland, new port structures suitable for the terminal vessel were built on the coast of Estonia as well
- The terminal was commissioned commercially in January 2023.
- Customers procure the the LNG for the terminal vessel, and it is delivered by tankers from the global market, e.g. Australia, Qatar, Norway, Malaysia, The U.S., and Algeria
- The total cost of the LNG floating terminal project is estimated at EUR 460 million under a 10-year lease. In addition, there will be costs related to the volume of use
Pictures
Pictures from the signing ceremony on May 20, 2022. Source: Julian Puumalainen, Prime Minister’s Office. Please mention the source if you publish or share images.
Terminal rules, terms & conditions and contracts
- General Terms and Conditions
- Terminal rules
- Terminal Service Contract
- Joint Terminal Use Contract
- Annex 3 – Quality volume measurement and inventory specification
- Annex 4 – Form of Affiliate Guarantee (financial requirements)
- Annex 5 – Form of Bank Guarantee (financial requirements)
- Annex 6 – Calculation of Guarantees and penalties
- Annex 7 – Form of Bank Guarantee (request of Terminal Capacity)
- Annex 8 – Form of Terminal Capacity allocation request
- Annex 9 – Capacity Allocation Procedure and Annual Service Schedule timeline
- Annex 10 – Form of Individual Annual Service Schedule
- Annex 11 – Form of Scheduled Slot transfer agreement
- Annex 12 – Form of Daily Unload Nomination
- Annex 13 – Conversion table
Capacity reservation status
- FSRU Terminal Annual Service Schedule and Spot capacity invitation for Q2 and Q3 2023, updated 7 March, 2023
- Annual Service Schedule for Q2-Q3 2023
- Annual Service Schedule monthly update, updated 16 March 2023
- Terminal capacity reservation status, updated 12 December 2022