Gasgrid and Fortum finalize deal on Finland’s first FSRU terminal

Finland’s Gasgrid and Fortum have finalized the previously announced deal to place the country’s first FSRU in the port of Inkoo.

In June, the two firms signed a letter of intent on placing the chartered FSRU Exemplar at Fortum’s Inkoo port.

Excelerate Energy’s 150,900-cbm Exemplar will serve Finland, Estonia, and other Baltic states under a 10-year charter deal Gasgrid signed with the US LNG firm in May.

The FSRU can supply more than 5 billion cubic meters per year of regasification capacity.

”The teams at Gasgrid and Fortum have done great work over the summer. The preliminary agreement signed earlier paved the way for the agreement now signed to place the floating LNG terminal in the port of Inkoo,” Gasgrid’s CEO Olli Sipila said in a statement on Wednesday.

Located on Finland’s south coast, the port in Inkoo is deep enough for the purpose and is close to pipelines along which gas flows to end-users in industrial and other sectors in Finland, Estonia, and the Baltic Sea region, the statement said.

According to Gasgrid, work has already started on building the port structures and natural gas pipeline.

“The ambition is to begin deploying the LNG terminal vessel in December 2022,” it said.

- Advertisements -

Most Popular

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

VTTI, IKAV to take majority stake in Italy’s Adriatic LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, joined forces with German asset manager IKAV to...

Seapeak says working on charter and other opportunities for six LNG carriers

Stonepeak's Seapeak is pursuing various opportunities relating to six of its liquefied natural gas (LNG) carriers which are scheduled...

More News Like This

WaveCrest plans capacity auctions for UK regasification project

Macquarie Capital's WaveCrest Energy kicked off a market consultation process for its proposed Teesside regasification project in the UK...

Bangladesh approves long-term LNG supply deal with Summit

Bangladesh has approved a long-term liquefied natural gas (LNG) supply deal with Summit Oil and Shipping, a part of...

Excelerate reports higher net income in 2023

US FSRU player Excelerate Energy reported higher net income and adjusted Ebitda in 2023 mainly due to new charters...

QatarEnergy, Excelerate ink long-term deal to supply LNG to Bangladesh

State-owned LNG giant QatarEnergy has signed a long-term contract with US FSRU player Excelerate Energy to supply Bangladesh with...