Inkoo FSRU

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Inkoo FSRU is a liquefied natural gas (LNG) import terminal operating in Finland.

Location

The terminal is proposed to be located at Fortum's Inkoo port, in the Southern Coast of Finland.

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Project details

• Operator: Gasgrid Finland Oy

• Owner:

• Parent company: Gasgrid Finland Oy

• Vessel: Exemplar

• Vessel operator:

• Vessel owner: Excelerate Energy Inc

• Vessel parent company:

• Location: Inkoo port, Southern Coast of Finland

• Coordinates: 60.013697, 23.91506

• Capacity: 5 bcm/y

• Status: Operating

• Type: Import

• Start year: 2023

• Financing:

• FID status: FID

• Associated infrastructure: Paldiski FSRU, Baltic Pipe Project

Background

In April 2022, Gasgrid Finland Oy and Estonian gas transmission system operator Elering AS began researching renting a floating LNG terminal. The companies said a FSRU is the "best solution for reducing the risks related to the gas flows from Russia," and Gasgrid hoped to "complete it on an exceptionally rapid schedule." On April 29, Finland and Estonia published a memorandum of understanding on co-operation to rent a LNG floating terminal.

On May 4, 2022, Gasgrid and Elering signed an agreement regarding the project. At that point, the companies aimed to have terminal commissioned by winter of 2022.

On May 20, 2022, Gasgrid signed an agreement with Excelerate Energy to lease a floating terminal vessel, called Exemplar, for the duration of ten years. According to Gasgrid, "the total cost of the LNG terminal vessel project with the 10-year lease is estimated to be at EUR 460 million, in addition to which there are separate costs associated with the volume of use." The regasification capacity of the vessel is 140 GWh/day (around 14 mcm/d or 5.2 bcm/year).

In June 2022 Gasgrid and Fortum signed a letter of intent placing the FRSU in Fortum Inkoo port. According to a fact sheet from that same month, "Commissioning of the LNG floating terminal will be between Q4/2022 and Q4/2023."

According to a June 10 2022 article, Gasgrid Finland and Elering are additionally working on a site in Estonia, Paldiski FSRU, together as well.

Construction on the terminal began in August 2022.

In October 2022, Finland and Estonia reached an agreement that the FSRU shared by Inkoo FSRU and Paldiski FSRU would be placed in the Port of Inkoo first.

In November 2022, Gasgrid said that it was expecting the first commissioning cargo of LNG to arrive at the FSRU in December, while commercial operations should start in January 2023. The same month, the Estonian government decided not to acquire a stake in the terminal, as it had previously planned to do so, and instead use 30 million euros allocated for that purpose to buy additional gas volumes.

In December 2022, Excelerate's FSRU Exemplar arrived at the port of Inkoo.

In January 2023, it was announced that Inkoo FSRU was operational. In April 2023, it received its first shipment.

In October 2023, the Balticconnector Gas Pipeline between Finland and Estonia, which runs to Inkoo FSRU, was shut down due to a leak. The leak was initially suspected to have occurred due to an explosion, although Finnish investigators later found the pipeline had been damaged by a loose anchor.