It will aim to improve the security of energy supply in the region and contribute to reducing carbon dioxide emissions. This is in line with EU energy and environmental objectives.
Commissioner Margrethe Vestager, said: “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.”
With no LNG terminals currently in Finland, the Hamina project is part of the country’s plans to create a network of small LNG terminals with the aim of offering LNG fuelling stations for ships and ensuring an additional source of gas for Finland.
It will also contribute to the development of infrastructure supporting alternative fuels in a port that is part of the trans-European transport network (TEN-T).
The Hamina terminal will have a storage capacity of 30,000m3. Approximately 30% of the total investment costs will be covered by €27,660,000 of public funding, the remainder will be funded by the developer and the future owner of the terminal.
In September last year, the Commission already approved aid for another small scale LNG terminal, at Pori on the West coast of Finland.