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EC approves financial aid for Finnish 1st LNG terminal

EC approves financial aid for Finnish 1st LNG terminal
Fund of €28 million will cover 30 percent of total investment costs for Finland's first LNG terminal.

The European Commission approved €28 million in financial aid for Finland's first LNG terminal at Hamina on the Finnish southeast coast on Friday.

The EC said in a statement that Finland's plan to finance the LNG terminal was in line with state aid guidelines to improve security of energy supply in the region.

The commission stated that the project contributes to the reduction of carbon emissions in line with EU energy and environmental objectives without unduly distorting competition in the single market.

The public funding of €28 million will cover 30 percent of the total investment costs. The remainder will be funded by the developer and future owner of the terminal, which is expected to be built by 2018.

"The Hamina LNG terminal is one of several planned in Finland. These small scale LNG terminals will provide a new source of cleaner fuel for the maritime industry and diversify Finland's gas supply sources. It is a good example of EU state aid rules encouraging sound public investment and helping the EU reach its energy security and environmental goals," said Commissioner in charge of competition policy, Margrethe Vestager.

Finland currently has no LNG terminal and depends on Russia for its gas imports.

With the Hamina LNG terminal, Finland plans to create a network of small LNG terminals with the aim of offering LNG fuelling stations for ships and ensuring additional gas sources for the country.

The LNG terminal will have a capacity of 30,000 cubic meters and there are plans to transfer 118,000 tons of gas via the terminal.

In September 2015, the EC already approved aid for another small scale LNG terminal, at Pori on the west coast of Finland.

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