Finland’s Ministry of Employment and the Economy has granted EUR 27.7 million (USD 34.4 m) in investment subsidies to Haminan Energia for the construction of an LNG terminal at the Port of HaminaKotka’s oil and gas harbour. The subsidies shall cover at most 30 per cent of the project’s approved realised costs.
“The MEE has granted investment subsidies to four LNG projects this autumn. This will launch over 300 million euros in investments in liquefied natural gas terminals. 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,” Minister of Economic Affairs Jan Vapaavuori explains.
The Haminan Energia liquefied natural gas terminal, construction of which is to be completed in autumn 2018, would be made up of one LNG tank, 30,000 cubic metres in size, and machinery related to receiving, unloading, storing and delivering LNG. An estimated 118,000 tonnes of gas will travel through the terminal each year.
The terminal will sell LNG to industry, maritime transport and road transport. LNG would for the most part replace the present use of natural gas in industry, fuel oil in maritime transport and gasoline and diesel in road transport. The terminal differs significantly from previously subsidised projects in that it is situated in an existing gas network. This would make it possible to replace gas with LNG, and increase competition in the gas market by creating an alternative for the gas currently imported from Russia.
From a geographic standpoint, the Hamina project will be an excellent addition to the LNG network being built in Finland. The project’s positive impacts on the environment are smaller than those of other subsidised projects, because this project will replace current gas use with liquefied gas. On the other hand, the significance of the project on reliability is significantly greater than that of other subsidised projects.
(Source: Finnish Government)