EMEA News
Haminan Energia to Receive Almost €28 million for New LNG Terminal
Haminan Energia Oy will receive €27.7 million ($34.4 million) from the Finnish Ministry of Employment and the Economy to subsidise the construction of a liquefied natural gas (LNG) terminal at the Port of HaminaKotka, the ministry announced.
The terminal is expected to have a throughput of 118,000 tonnes of gas per year, and is slated to finish construction in the fall of 2018.
"The objective is to build a comprehensive terminal network on Finland’s coastline, which will create alternative sourcing options for maritime transport and industry that uses gas,” said Minister of Economic Affairs Jan Vapaavuori, who added that so far, €300 million ($373.6 million) has already been invested in four LNG projects.
The facility is also to be built upon an existing gas network, which the ministry hopes will increase competition in the country's gas market as the new LNG supply will provide an alternative to Russian imports.
The environmental benefits were also touted, as making use of an existing network will have less impact on the area.
Finland has allocated €123 million ($153.1 million) this year towards subsidies for LNG infrastructure.
The country announced last month another two LNG projects, one of which will be located in Estonia, which will be linked to the Finnish facility by a gas pipeline.
