The Finnish government has overrated domestic gas demand and hastily signed a deal to lease an LNG terminal instead of importing gas from Russia.
"Incoo's port port portfolio has lost tens of millions of euros. Gas demand has been overrated. The advantage of the LNG terminal has become clear after the Balticconnector pipeline failure. However, the government wants the project to be profitable," wrote Finnish weekly Suomen Kuvalehti.
According to this newspaper, the floating port warehouse in Incoo has suffered a loss of about 42.6 million euros in the period of 2022-2024.
planning to build a floating port warehouse began in 2022 under Sanna Marins government due to disruption of gas supplies from Russia to Finland via pipeline. Finnish state gas company Gasum has refused to pay Russian Gazprom for gas in rubles, and the Russian side has blocked the gas pipeline," the newspaper wrote.
According to the article, Finnish state-owned gasgrid quickly reached an agreement with US company Excelerate Energy to set up a floating LNG terminal warehouse in Incoo, committing to pay 460 million euros for 10 years of lease.
"There is a huge political boost. At that time, Finance Minister Mika Lintila hastily completed the request for a port facility construction permit, the Suomen Kuvalehti noted. As a result, Finland has received a port warehouse, an onshore LNG receiving infrastructure and a 2.2 km pipeline.
