EurOil: Estonia gives up stake in Finnish LNG terminal

The Estonian three-party government has decided that Estonia will give up its stake in the company that operates the Finnish LNG terminal and spend the €30mn budgeted for this purpose to buy additional gas reserves, ERR.ee, an Estonian news website, reported on November 4.

"We decided not to acquire a stake in the company that operates the Finnish LNG terminal and use the €30mn set aside in the supplementary budget for this purpose to [replenish] Estonia's gas reserves," Prime Minister Kaja Kallas said at a government press conference, adding that this is in line with the Act on the State's Supplementary Budget, ERR.ee writes.

"In the supplemental budget, we decided to allocate €30mn for the security of gas supply to the Estonian Stockpiling Agency (AS Eesti Varude Keskus or ESPA) to serve the same goal in a different way. Therefore, if it cannot be achieved through the purchase of a stake, as it would be not practical at this time, it can be achieved through the purchase of additional gas. This option is available," Minister of Economic Affairs and Infrastructure Riina Sikkut said at the same press conference.

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