The terminal, which will significantly reduce CO2 emissions
in the region, is part of
Finland’s plans to create a network of small scale LNG terminals with the aim
of offering alternative fuel infrastructure to the maritime industry like LNG
fuelling stations for ships.
will provide a new source of cleaner fuel for the maritime industry and
diversify Finland's gas supply sources,” said Margrethe Vestager, EU
Commissioner in charge of completion policy.
“It is a good example of
how EU state aid rules can encourage sound public investment that helps the EU
reach its goals on energy security and environmental protection,” Ms Vestager added.
Once complete, the Pori terminal will have a storage
capacity of 30,000m³. The LNG infrastructure will increase the security of
supply in Finland, providing local industries with access to gas. The public
funding of €23,441,500 will cover less than 30% of the total investment costs;
the remainder will be funded by the developer and future owner of the terminal.
The European Commission says its funding is vital
since Finland currently has no LNG infrastructure, meaning potential customers
are reluctant to carry out the long-term and costly investments for switching
to LNG fuel. In turn, private investors have no incentive to build LNG
infrastructure because there is no demand.
the Commission says the operator of the infrastructure will be under an
obligation to provide access to interested users at a competitive price. This
will ensure that the aid is limited to the minimum necessary for triggering the
investment and that distortions of competition and trade are minimised.