State gives €38 million to storage center to buy Paldiski LNG quay

Paldiski LNG terminal
Paldiski LNG terminal Source: Alexela/Infortar

The Ministry of Economic Affairs and Communications, the sole shareholder of the Estonian Stockpiling Agency (AS Eesti Varude Keskus or ESPA), has increased the agency's share capital by €38 million for the purchase of the Paldiski LNG quay.

Minister of Economic Affairs and Infrastructure Riina Sikkut (SDE) signed the decision to increase the share capital of the Estonian Stockpiling Agency on February 23, and by Monday the money had arrived in the company's account, Martin Jaško, spokesman for the agency, said.

"This money is intended for the purchase of the Paldiski LNG quay, which has been the subject of lengthy discussions in the past. Regarding the deal itself, all I can say at the moment is that the ESPA is negotiating with Pakrineeme Port Ltd. on the acquisition of the quay and we are conducting the usual analyses for similar infrastructure deals to ensure that the taxpayer's money is used to get a quay that meets all standards and requirements," Jaško explained.

According to him, the ESPA has agreed with Pakrineeme Sadama OÜ that neither side will comment on the ongoing negotiations on the purchase and sale of the quay.

Jaško said that the decision to allocate €38 million to increase the ESPA's share capital was already taken by the minister on August 4 last year, but the money was not transferred. As the commercial code stipulates that the transfer application must be submitted to the commercial register within six months, this time limit had been exceeded, a new decision of the sole shareholder was needed.

Martti Hääl, one of the representatives of the owners of Pakrineeme Port OÜ, has said previously that if the port were transferred to the state for €38 million, the company would make a loss of €10-12 million.


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Editor: Mait Ots, Kristina Kersa

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