Gasgrid Finland and Estonian gas TSO Elering AS researching the renting of a LNG floating terminal

The Finnish Government’s Ministerial Committee on Economic Policy supports the proceedings to rent a large-scale LNG floating terminal in cooperation with Estonia. Renting a floating terminal enables Finland to distance itself from the dependence on Russian gas. Gasgrid Finland has been tasked by the Ministry of Finance of Finland to research and negotiate the renting of a LNG floating terminal together with the Estonian gas transmission system operator Elering AS.

“In the recent months we have been cooperating with different market participants and parties in the region in order to find the best solution for reducing the risks related to the gas flows from Russia. This project is of course very urgent due to geopolitical situation and the necessary infrastructure has to be built within exceptionally fast schedule. The Estonian-Finnish gas interconnection Balticconnector is what enables us to create the best and economically sufficient solution. Balticconnector ensures the security of supply in both countries and the necessary flexibility to operate the floating terminal according to the different scenarios”, says Elering AS’s CEO Taavi Veskimägi.

“Ensuring security of supply in these and other potential unpredictable and unforeseen situations is crucial. The fastest solution to ensure Finland's security of supply and the continuity of gas transmission to households and industry in all different scenarios is a LNG floating terminal”, says Gasgrid Finland Oy’s CEO Olli Sipilä.

Due to its absolute necessity, the project is also very urgent, and therefore the aim is to complete it on an exceptionally rapid schedule. LNG piers are constructed on the coasts of both Finland and Estonia and they will assure the security of gas supply during long-term gas market disruptions in both countries, as well as add the necessary flexibility to operate a LNG floating terminal. The floating terminal is planned to be operational by next winter in Finland, or if that’s not possible due to the construction work not being ready, it will start operating in Estonia.