Excelerate Energy, the leading US provider of floating LNG import terminals, said its floating storage and regasification unit (FSRU), the “Exemplar”, arrived at the port of Inkoo, in Finland to become a Baltic regional supplier of natural gas.
The FSRU was previously loaded with a partial cargo of LNG which would serve as the initial commissioning cargo for the terminal.
The FSRU “Exemplar” has been chartered to Gasgrid Finland Oy for a period of 10 years.
“It will provide flexible, reliable, and secure delivery of regasified LNG to Finland and other Baltic countries,” said Excelerate.
Inkoo port is located on the Southern Coast of Finland and provides an optimal deepwater port at close proximity to the pipelines distributing the gas mainly to industrial end-users in the Baltic region.
The developer had made the move to enable independence from Russian pipeline natural gas.
The FSRU capacity alone is sufficient for the gas needs of both Finland and Estonia. Russian gas supplies through the Imatra entry point into Finland have been stopped since May 2022.
Finland already has two onshore LNG terminals at Pori and Tornio. They have been in operation since 2016 and 2018 respectively.
Infrastructure
“The arrival of the FSRU ‘Exemplar’ at the port of Inkoo represents an important milestone for Finland as it prepares to enhance its energy security and bring essential energy infrastructure to the region,” said Steven Kobos, President and Chief Executive of Excelerate.
“This is a tremendous accomplishment for everyone involved, and we are proud to have partnered with Gasgrid on this opportunity,” added Kobos.
In addition to providing regasification services under the time charter with Gasgrid, Excelerate said that through its recently formed Finnish gas marketing subsidiary, Excelerate Finland Gas Marketing, the US firm has executed an agreement for the sale of commissioning volumes and regasification capacity rights during the commissioning phase.
“Through this agreement, Excelerate Finland will be able to provide natural gas to downstream customers in Finland and other Baltic countries,” explained the Houston-based company.
Excelerate explained that the FSRU “Exemplar” departed drydock in Spain on December 6 where it underwent customer-requested winterization upgrades.
“The vessel subsequently procured its cargo from Excelerate’s global LNG portfolio via a ship-to-ship transfer with the FSRU ‘Excelsior’ near Gibraltar,” said the company.
“The ‘Excelsior’ recently completed its 10-year service in Israel and will go on charter to the Federal Republic of Germany in 2023,” it added.
The FSRU “Exemplar” is 291 metres long and 43 meters wide. It has a storage capacity of 150,900 cubic metres of LNG and can provide more than 5 billion cubic metres per annum of regasification capacity.
