Finnish smart technologies group Wärtsilä has been given the green light to begin construction of a new LNG terminal in the port of Hamina.
The company has. Received the necessary building permits and debt financing for the project has been secured with Skandinaviska Enskilda Banken and Finnvera, the Finnish state-owned specialised financing company. The total investment is worth approximately €100m ($118m).
In the first stage, a 30,000 cbm LNG storage tank will be built. Facilities are also being prepared for a second 20,000 cbm storage tank to be added at a later date. The earthwork has been completed on schedule, and the construction work has already commenced. The LNG terminal is planned to become fully operational in 2020.
“The new Hamina LNG terminal will be an important addition to the gas infrastructure as it will not only supply businesses and the shipping sector, but will also feed into Hamina Energy’s distribution gas grid and can be connected to Finland’s gas grid. We appreciate Wärtsilä’s extensive capabilities in LNG engineering, which have enabled us to move the project along on schedule,” said Markku Tommiska, Chief Executive Officer, Hamina Energy.
“Wärtsilä has clearly taken a leading role in end-to-end LNG systems that facilitate environmental and economic sustainability. The Hamina project is the third LNG terminal in Finland that Wärtsilä has been contracted to build, the others being the Manga Tornio terminal and the Raahe terminal. This demonstrates the strengths the company has in project development and management,” commented Alexandre Eykerman, Vice President, LNG Solutions, Wärtsilä Energy Solutions.
In addition to supplying the engineering, procurement, and construction of the terminal, Wärtsilä is also joining the project through a minority investment by WDFS (Wärtsilä Development and Financial Services) in Hamina LNG Oy. The main shareholders are Hamina Energy Ltd and Estonian energy company Alexela.
For more information, visit: www.wartsila.com
18th May 2018