Gasum , the company developing a small-scale LNG network in Finland on Friday revealed that the state acquired 25 percent shareholding in the company from Gazprom, making it the sole owner.
The purchase, priced at EUR 251,3 million, is expected to be finalized in early 2016.
In a separate deal, Gazprom and the Finnish company reached an agreement to reduce the price for the gas imported from Russia.
The price of Russian gas dropped during 2015 and is now 30 percent lower compared to 2014, but the new agreement will allow for a further reduction the price as well as its linkage to the market price of oil, Gasum said in a statement.
Gasum CEO Johanna Lamminen said the deal will increase the competitiveness of gas and revealed that the company intends to advance the development of its LNG infrastructure.
Gasum recently scrapped plans to build a regional LNG terminal in Southern Finland and the Balticconnector offshore pipeline saying the projects are not regarded as commercially viable and that there is not sufficient demand for them in the Finnish market.
Through its unit Skangas, Gasum is currently constructing an LNG terminal in Pori, and is also a co-owner of the LNG-terminal under construction in Tornio.
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LNG World News Staff