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Home BUSINESSFinland, Estonia submit EU funding application for gas pipeline
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Fri, 16 Oct, 2015 02:08:19 AM
FTimes Report, Oct 16
 
File picture of Gasum line indicator of a planned natural gas pipeline construction. Photo Lehtikuva.
Finland and Estonia on Wednesday submitted a joint EU funding application for the Balticconnec-tor gas pipeline, said a government press release on Thursday.
 
Earlier, at the beginning of October, the Cabinet Committee on Economic Policy decided that Finland and Estonia will in this autumn's European Union PCI (Projects of
 
Common Interest) appli-cation round apply together for funding for the Balticconnector gas pipeline, which will connect the two countries.
 
A state-owned company Baltic Connector has been established to implement Finland's part of the pipeline. Elering Gaas As will be responsible for Estonia's part.
 
The companies submitted a joint EU funding application on Wednesday.
 
At the same time, other actors responsible for projects will apply for funding for their projects that are important for the development of the Baltic gas market. 
 
The Balticconnector gas pipeline cannot be implemented without substantial European investment support.
 
From Finland's point of view, the precondition for implementing the project is 75 per cent invest-ment support from EU's CEF (Connecting Europe Facility).
 
Balticconnector would make it possible to join and integrate the gas markets in the Baltic states and Finland into EU's common energy market. 
 
In addition, constructing a gas infrastructure in the other Baltic states enable two-way gas transmis-sion between Estonia and Latvia, which together with Balticconnector
provides Finland and Estonia with a possibility to use an underground storage located in Latvia according to the needs in their own markets.
 
The Commission is expected to make a decision regarding the funding application at the beginning of next year. 
 
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