June 21, 2024
Owner's Engineer banner
HomeUncategorizedCroatia: European Commission approved 25 million euros support for LNG terminal expansion

Croatia: European Commission approved 25 million euros support for LNG terminal expansion

Supported byClarion Energy banner

European Commission has approved a 25 million euro to support the expansion of the liquefied natural gas terminal on the Croatian island of Krk.

The support scheme, endorsed under EU state aid rules, will be partly funded through the Recovery and Resilience Facility, following the Commission’s positive assessment of the Croatian recovery and resilience plan, as amended, and its adoption by the Council, the EC said in a press release.

The funding will support the installation of an additional regasification module with a capacity of 250,000 cubic metres per hour on the existing LNG terminal on Krk. This will result in a new maximum regasification capacity of 700,000 cubic meters per hour, equivalent to 6.1 billion cubic meters per year. The aid will take the form of a direct grant to LNG Croatia, the promoter and operator of the terminal, covering a share of the investment costs.

The Commission has found that the scheme is necessary and appropriate to enable the beneficiary to carry out the project. The EU executive also considered that the project is needed to secure gas supply for Croatia and the South-Eastern Europe region, while helping to diversify energy supplies and end dependence on Russian fossil fuels in line with the REPowerEU Plan. Finally, the Commission concluded that the measure is proportionate, as it is limited to the minimum necessary, and its positive effects outweigh any possible negative effects on competition and trade in the EU.

RELATED ARTICLES

Supported byOwner's Engineer
Supported by
Supported byClarion Energy
Supported by
error: Content is protected !!