Tornio LNG –project development company established

Outokumpu plc., Ruukki Metals ltd, Gasum ltd and EPV Energy ltd have established a development company called Manga LNG ltd. The purpose of Manga LNG ltd is to build an import terminal for liquefied natural gas (LNG) and to create an effective logistics chain to supply the LNG. The LNG terminal diversifies Finnish gas markets, since Finland does not have LNG import terminal at the moment. Swedish LKAB ltd (Luossavaara Kiirunavaara Ltd) has been offered the possibility to become a shareholder later this year.

The use of LNG will improve the competitiveness of the participating companies, since the price of LNG has during the recent years been more stable and price development more moderate than prices of the fuels to be replaced with LNG. LNG is also more environmental friendly than fossil fuels used currently in industry, maritime transport and energy production. LNG reduces carbon dioxide, nitrogen oxide and particulates emissions considerably.

The construction of the import terminal will also have a major job-creating effect. The estimated job-creating effect during the construction period is estimated to be 240 man years.

The terminal will be operational in 2017.

Manga LNG will apply investment aid for the terminal from the Ministry of Employment and the Economy under the investment aid for LNG terminal program.

Additional Information
Manga LNG Oy, managing director Niko Ristikankare, tel + 358 50 3472528