Gasgrid and Fortum complete deal to moor FSRU Exemplar

Finnish energy companies Gasgrid and Fortum have signed an agreement to place the floating storage and regasification unit (FSRU) at Fortum’s port in Inkoo.

Courtesy of Inkoo port
Gasgrid and Fortum complete deal on Finland’s first FSRU
Courtesy of Inkoo port

With his announcement, Gasgrid Finland and Fortum have completed negotiations. Therefore, the LNG terminal vessel project progresses to plan.

Gasgrid Finland said that the port in Inkoo, located on Finland’s south coast, is deep enough for the purpose of FSRU and is close to pipelines along which gas flows to end-users in industrial and other sectors in Finland, Estonia, and the Baltic Sea region.

The goal of the FSRU terminal is mainly to enable independence from Russian pipeline gas. Russian gas supplies through the Imatra entry point have been stopped in May.

Gasgrid is leasing the floating LNG terminal vessel from Excelerate Energy for a duration of 10 years. The FSRU Exemplar has a volume of approximately 151,000 cubic meters, corresponding to approximately 68,000 tonnes of LNG.

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”The preliminary agreement signed earlier paved the way for the agreement now signed to place the floating LNG terminal in the port of Inkoo,” said Gasgrid Finland’s CEO Olli Sipilä.

Moreover, a start has been made on building the port structures and natural gas pipeline. The ambition is to begin deploying the LNG terminal vessel in December 2022.