In December, the European Union granted 101.4 million euro ($126.1 million) to support the construction of the offshore LNG terminal on Krk island. It is designated an EU Project of Common Interest. Additionally, the Croatian government has declared the project of strategic importance to the region. This is significant as it gives the project priority and pushes for early completion.
The development of the offshore LNG terminal supports the key objectives of the Energy Union as it will promote further integration of the internal energy market and enhance security of supply. The terminal is set to secure the energy needs of the region and reduce dependence on Russian gas by securing new supplies for Central and South-Eastern countries.
Miguel Arias Cañete, EU Commissioner for Climate Action and Energy stated that “this investment will not only allow for the supply of natural gas to Croatia and Hungary; it will also increase the diversification of energy sources of Central and South-Eastern Europe and give an economic lift to the region.”
LNG Croatia, the company developing the import terminal on Krk island, intends to implement the project in two phases. Firstly, the construction of a floating terminal followed by a land-based terminal. Yet Gasfin, a private provider of mid-scale LNG infrastructure, has stated that it can bypass the two-phase development and immediately begin work on an onshore production site. This pause in development has left everyone asking what will happen next.
The project is critical for the whole Central & Eastern European region. The two project leads are set the clarify their positions at the CEE Gas conference in Zagreb, in March. This is a unique opportunity to get insight into these fundamental developments.
Attend the CEE Gas Conference in Zagreb this March to see the debate between the heads of both Gasfin and LNG Croatia.
Source: dmg events