Finland’s First Floating LNG Terminal to Start Operations Next Winter

Finnish state owned energy company Fortum and gas system operator Gasgrid announced on Thursday an agreement to deploy Finland’s first floating LNG import terminal at a Baltic Sea port and aim to make it ready for operations by next winter.

Finland first announced the plans in April. The floating storage and regasification (FSRU) terminal is considered by the government a crucial step to secure energy supplies following Russia’s decision to cut gas exports last month.

The country’s finance minister Saarikko said the LNG terminal would allow Finland to become independent from Russian gas.

The LNG is re-vaporized in the floating unit and fed into the gas transmission network. It is expected to cover the gas needs of both Finland and Estonia.

Gasgrid said LNG will be delivered to the terminal by tankers from the global market two to three times a month.

Finland announced last month that it will lease the vessel from U.S. based Excelerate Energy for ten years.

Gasgrid and the Estonian electricity and gas transmission system operator Elering are also developing a potential site for the FSRU in Estonia, to ensure that an alternative exists in case of delay.

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