EU approves €444mn CEF grants

by Editor

February 22, 2017 | 6:01 am
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EU member states agreed February 17 on the European Commission’s proposal to invest €444mn in key European energy infrastructure projects, of which just under half on two strategic gas projects. Money for the chosen projects comes from the Connecting Europe Facility (CEF).

Of the 18 projects selected for funding: ten are for gas projects (EU support €228mn), seven for electricity (€176mn), and one for smart grids (€40mn).

The two largest grants to the gas sector involve: construction of the Krk offshore LNG terminal in Croatia (EU support: €101.4mn) which will diversify supplies into a region dominated by Russian imports, plus the Poland-Slovakia gas interconnector (EU support: €107.7mn). Beneficiaries are respectively LNG Hrvatska and Eustream.

Strategic partners are being sought for the Krk LNG terminal, expected to become operational in 2019, the total value of which is €363mn.

Andrej Plenkovic, Croatian prime minister, said the news was “very encouraging” and expressed confidence the project would be implemented. He said he had met with representatives of the LNG Hrvatska company and potential
partners, a consortium comprising Spain’s Enagas, Luxembourgbased Marguerite Fund and Lithuania’s Klaipedos Nafta, which he said were willing to invest.

Most remaining gas grants are smaller, and typically for studies, including for the Eastring pipe project (€1mn). However €14mn of EU support will go on archaeological rescue work ahead of building the Trans-Adriatic Pipeline’s construction.

by Editor

February 22, 2017 | 6:01 am
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