The Finnish-Estonian LNG terminal project should be fast-tracked in light of the crisis in Ukraine, said Marti Hääl, head of Alexela Energia, the Estonian company charged with developing the project.
Alexela Energia and Finnish company Gasum are tasked with working out the details, including deciding whether to build one terminal on each side or just one, ETV reported on Sunday.
Hääl said the alternative gas source is unlikely to drive prices down, but it will create a ceiling of the highest price that can be charged as Russia's Gazprom will no longer be the only provider in Estonia.
“What is less talked about is that LNG will permit many sectors to cross over to a more environmentally friendly fuel,” he said, adding that such industries as shipping, and transport of goods and passengers could benefit.
He said the lost time in political squabbles over the location of the terminal, which both Estonia and Finland have lobbied for, is especially sad in the current geopolitical situation. He said Gasum is partially owned by Gazprom, as is Estonia's largest gas company, Eesti Gaas, but talks have so far been constructive.
The decision on the EU funded terminal, or smaller terminals on both sides, had been set to be made last year, but neither side has withdrawn their demands. The two nations did agree a month ago to build the Balticconnector gas pipeline between Finland and Estonia.