Finland invests €28m into Balticconnector gas pipeline

Finland invests €28m into Balticconnector gas pipeline
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The Finnish Government intends to allocate €28m euro to the construction of Balticconnector gas pipeline between Estonia and Finland, the Employment and Economy Ministry of Finland announced on Tuesday.

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.