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EC to allocate 44 million euros funding for Inčukalns gas facility’s development project

The European Commission has approved allocation of co-financing of 50% or EUR 44 million to Latvia’s gas storage and transmission system operator AS Conexus Baltic Grid’s development project. The total investment pool is EUR 88 million. The entire amount will be invested in the facility by 2025, BNN was told by Conexus.


In six years, investments will be diverted to three directions of the facility’s modernization – improvement of surface infrastructure, gas well repairs, emptying cisterns to ensure repairs and modernization can be performed safely, as well as purchase of a new compressor, the installation of which will commence one of the largest infrastructure development projects for the gas storage facility in recent years. Generally the goal is expanding the facility’s function.
 

«Investments will help replace outdated systems that no longer meet market requirements. This is why I am happy with European Commission’s decision that will help significantly increase Inčukalns facility’s positions as a modern and critically important part of the gas transmissions system in Baltic and Scandinavian region,» comments Conexus board chairperson Zane Kotāne.
 

She adds it is planned to attract necessary financing with help from investment banks.

BNN

26-01-2019
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