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

Adnoc buys stake in NextDecade’s Rio Grande LNG project

UAE’s Adnoc has purchased an 11.7 percent stake in the first phase of NextDecade's Rio Grande LNG export terminal...

Spot LNG shipping rates nearly flat, European prices drop

Spot charter rates for the global liquefied natural gas (LNG) carrier fleet remained steady this week, while European prices...

TotalEnergies supplies LNG cargo to PetroVietnam Gas

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received a liquefied natural gas cargo from a unit of France's...

More News Like This

Excelerate reveals growth plans

US FSRU player Excelerate Energy has revealed a list of 12 prioritized regasification projects as part of its expansion...

Excelerate reports lower Q1 net income, in talks for LNG infrastructure investments

US FSRU player Excelerate Energy reported lower net income and adjusted Ebitda in the first quarter of this year...

Germany’s DET to launch second Wilhelmshaven FSRU terminal in H2 2024

State-owned German LNG terminal operator DET expects to launch its second FSRU-based LNG import terminal in Wilhelmshaven in the...

Finland’s Gasgrid says Balticconnector gas pipeline back in service

The Balticconnector offshore gas pipeline, owned by Finland’s gas system and LNG terminal operator Gasgrid and Estonian gas system...