By MarEx 2015-09-22 15:15:46
The European Union has approved Finland’s plan to grant €23 million ($25 million) in public funding to construct the nation’s first LNG terminal. The small-scale terminal will be located in Pori, which is in the Satakunta region on Finland’s west coast. The project is part of country’s infrastructure plan to create a network of small LNG terminals.
Public funding will cover less than 30 percent of the terminal’s investment cost and Skangas of Sweden, the facility’s developer and owner, will fund the remaining investment.
Skangas is investing €86 million ($90 million) into the terminal that will consist of a LNG storage tank, loading docks, process units, flare torch, three loading docks for roadway tankers, a transformer building and a heat production unit and will have an overall capacity of 30,000 cubic meters.
The LNG terminal is expected to be completed by the end of 2017 and Finland intends to encourage the use of LNG and cleaner fuels as the maritime industry IMO emissions standards implemented on January 1, 2015.