According to the Minister of Economic Affairs, Olli Rehn, Balticconnector construction is a “precondition for structural changes on the Finnish gas market.” “Implementation of the gas pipeline project opens our market for competitiveness and makes Finland a part of the internal gas market of the EU,” said Rehn.
In August, the European Union allocated €187,5m for the project implementation, what accounts for 75% of the required sum of money. Balticconnector is scheduled to start its operation by December 2019.
Joint Estonia and Finland’s project to build a gas pipeline under the Gulf of Finland, which will connect the gas systems of two countries, has been unveiled in the year 2014.