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Boost for Balticconnector as EU commits to funding

EU funding looks set to push the Balticconnector pipeline through to completion by 2020 as the prospect of a second regional LNG terminal recedes EU funding looks set to push the Balticconnector pipeline through to completion by 2020 as the prospect of a second regional LNG terminal recedes.
By Joshua Posaner 20 July 2016 Europe & Russia / Pipelines, Storage & Power 0 21162
Imports and infrastructure in the Baltic region.

Finland and Estonia have secured EU funding for a subsea pipeline to link the two island gas markets and reduce the Baltic region’s dependence on Russia’s Gazprom.

The decision, announced in Brussels on 15 July, will mean the so-called Balticconnector will be financed at the maximum rate of 75% of the total cost, while the upgrade of an interconnector between Estonia and Latvia will be funded up to 50% by EU funds.

Based on that decision, the two projects will receive backing from Brussels amounting to €206...