Gasum Bins Baltic Projects

Finnish energy company Gasum has decided to discontinue projects to build a regional liquefied natural gas (LNG) terminal in southern Finland (Finngulf), and the Balticconnector offshore pipeline between Finland and Estonia due to insufficient commercial viability and lack of demand in the Finnish market, the company said in a statement.

Gasum says that the Finnish gas market and its future outlook have changed substantially since 2008 when plans for the projects were initiated. The competitiveness of gas has deteriorated and gas consumption has decreased, and the company believes that investments of this scale would further weaken the position of the commodity.

The company plans to continue the active development of the Nordic gas market, saying that there is demand for LNG in Finland, particularly among users outside the gas network and in transport, with LNG providing a competitive alternative to oil-based fuels.

The Gasum subsidiary Skangas is constructing an LNG terminal in Pori, Finland, and Skangas is also a co-owner of the LNG terminal under construction in Tornio, Finland.

The Pori and Tornio terminal projects will serve the growing needs of the market outside the gas pipeline network in industry, shipping and heavy-duty road transport.

”Gasum is investing constantly in the development of the Finnish gas infrastructure. Our key objectives are to ensure our customers’ access to clean and competitive fuels and at the same time develop the Finnish biogas market and Nordic LNG market,” said Gasum CEO Johanna Lamminen.

Share this article

Follow World Maritime News

In Depth>


<< Nov 2019 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >