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Home BUSINESSEC backs Finnish-Baltic gas pipeline
Wed, 17 Feb, 2016 01:17:46 AM
FTimes- STT Report, Feb 17
File Photo Lehtikuva.
The European Commission wants Finland and the Baltic states to help each other in case of a possible gas crisis.
The EC has proposed formation of nine energy areas by the member states which will secure the supply of gas in case of disruptions.
According to the proposal, Finland and the Baltic states would form a single area. The countries should also establish joint contingency plans in case of supply disruptions.
Finland and the Baltic states currently do not possess a gas supply connection, but plans are underway to establish one via the Baltic connector gas pipeline. 
Economic Affairs Minister Olli Rehn. File Photo Lehtikuva.
Finland and Estonia have applied for the project’s funding from the European Union.
“The realisation (of the project) will allow the opening of the gas market and would improve the security of gas supply as well strengthen the competitive position of gas consumers in Finland,” said Economic Affairs Minister Olli Rehn in a statement.
The cost of the pipeline project is estimated at approximately 250 million euros.
The Finnish state-run gas company Gasum in autumn announced its withdrawal from the Baltic connector project because it did not consider the project viable.
The government, however, decided to continue with the project. The responsibility of implementing the project will consequently be transferred to a state-run company to be set up.
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