Gas, Good for Business, Investments, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 22.02.2019, 02:27

Conexus plans to invest EUR 80 mln in development of Incukalns storage facility in seven years

BC, Riga, 11.10.2018.Print version
Latvia’s Conexus Baltic Grid (Conexus) natural gas and storage operator plans to invest EUR 80 mln in development of Incukalns underground natural gas storage facility in the coming seven years, the company’s board chairwoman Zane Kotane said in an interview with commercial LNT television today, referred LETA.

She said that Conexus today will submit its investment project to the European Commission. In total EUR 80 mln will be invested in Incukalns storage facility, and 50% of these investments could be financed from the EU funds.

Kotane said that in the past ten years about EUR 190 mln, including EU funds, have been invested un upgrade of Incukalns storage facility.

She also informed that this week the Baltic natural gas transmission and storage operators plan to sign a memorandum on development of a single Baltic natural gas market.

As reported. Conexus Baltic Grid, which has taken over natural gas storage and transmission functions from Latvijas Gaze, was established on December 22, 2016. Its largest shareholders were Russian Gazprom (34.1%), Marguerite Fund (29.1 %), Germany's Uniper Ruhrgas International GmbH (18.3%) and Itera Latvija (16%).

Search site