Investment Decision from Manga Terminal Oy
Press release 19th December 2014
Manga LNG Oy’s subsidiary Manga Terminal Oy has made today the decision to invest in the new liquefied natural gas import terminal, which shall be erected to the city of Tornio. Manga Terminal Oy will build in Röyttä, Tornio, a liquefied natural gas (LNG) import terminal. An efficient surrounding logistics chain will be created around the terminal. This liquefied natural gas import terminal will make the Finnish gas and fuel markets more versatile, as a similar terminal does not currently exist in Finland. The size of the new import terminal is fifty thousand cubic meters and estimated budget is approximately 100 million euros. The terminal will be delivered by Wärtsilä Oyj with a turn-key EPC contract.
The shareholders of Manga LNG Oy are Outokumpu Oyj, SSAB Europe Oy, Skangass Oy and EPV Energia Oy. Consumption of LNG as an energy source will increase the profitability of the companies. Furthermore, liquefied natural gas is environmentally friendly fuel, which can be utilized by the land based industry, the shipping industry and the energy industry. Compared to these alternative fossil fuels, substantial reductions can be obtained in carbon dioxide, nitrogen oxide and particulate matters emissions.
The terminal is planned to be ready for operations early 2018. The construction phase of the import terminal has been estimated to employ 260 man years. Upon completion, the terminal will provide directly 7 new positions locally and indirectly 30 new openings with the subcontractors.
Manga LNG Oy has received from the Finnish Ministry of Employment and the Economy, an LNG-terminal investment aid of 33,2 million euros for building the terminal.
For additional information, please contact:
Shareholders of Manga LNG Oy