Finland Seeks EU Help in Financing the Balticconnector Pipeline Between Finland and Estonia

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Finland Seeks EU Help in Financing the Balticconnector Pipeline Between Finland and Estonia

Mon, 10/05/2015 - 10:19
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Finland Seeks EU Help in Financing the Balticconnector Pipeline Between Finland and Estonia (© 2015 Balticconnector EIA Report, Gasum)
Finland Seeks EU Help in Financing the Balticconnector Pipeline Between Finland and Estonia (© 2015 Balticconnector EIA Report, Gasum)

Finland and Estonia announced their intention to work together to build a natural gas pipeline between Finland and Estonia, which would connect Estonian and Finnish gas grids. Dubbed the Balticconnector, the pipeline would increase Finnish import capacities by providing access to the Latvia's natural gas storage in Inčukalns.

Toward this end Finland will apply for funding in the European Union PCI application round this autumn together with Estonia for the Balticconnector gas pipeline between Finland and Estonia. The application deadline is 14 October 2015. A State-owned company will be established, whose mandate will be to implement Finland's part of Balticconnector.

Minister of Economic Affairs Olli Rehn said the pipeline cannot be implemented without substantial European investment funding. To carry out the project, Finland will need 75% from the Connecting Europe Facility of the EU, says Rehn.

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