Gasgrid Finland and Fortum have signed a Letter of Intent (LoI) to locate Finland’s first FSRU at Inkoo.
Located on the Southern Coast of Finland, Inkoo is a deepwater port close to the pipelines distributing gas mainly to industrial end-users in the Baltic.
This development enables independence from Russian pipeline gas, Gasgrid explained.
Gasgrid Finland is to charter the FSRU ‘Exemplar’ from Excelerate Energy for 10 years and aims to have the terminal available by next winter.
The vessel’s capacity was said to be sufficient for the needs of both Finland and Estonia. Russian gas supplies through the Imatra entry point were stopped in May.
“I would like to thank Fortum, Gasgrid and their partners for taking quick action. It is important for our economy that the floating LNG terminal ensures the gas supply of our industry. The next step is to stay on schedule and get the port ready,” said Mika Lintilä, Finland’s Minister for Economic Affairs.
”The vessel project is absolutely essential for the security of supply of natural gas in the Baltic region - and therefore extremely urgent. I’m pleased that the decision on the location of the terminal was made in such fast schedule. As the need for the terminal covers the entire Baltic Sea region, Inkoo provides an excellent location for the vessel,” added Olli Sipilä, Gasgrid Finland CEO.
”At Fortum, we are very pleased to support energy security, industry as well as our national economy during these challenging times. Our Inkoo port is located on the site of our decommissioned coal power plant and provides nearly ready-to-use infrastructure and an optimal location for the country’s first floating LNG terminal.
“In the future, our plan is to further develop industrial activity on the site, so that it can contribute to the de-carbonisation of society,” said Fortum’s CEO, Markus Rauramo.
The port is accessible by a deepwater channel, it has a ready-to-use pier, is in close proximity of the Balticconnector pipeline between Finland and Estonia – and is available at short notice.
Furthermore, Inkoo underwent the necessary environmental impact assessments in 2014/2015.
‘Exemplar’ has a capacity of about 151,000 cu m, corresponding to around 68,000 tonnes of LNG, when fully loaded. This means approximately 1,050 GWh of energy content.
