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Finland welcomes its first floating LNG terminal

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The floating regasification unit Exemplar docked at a port in Finland, offering the Baltic country the first change to take advantage of liquefied natural gas. Photo courtesy of Business Wire

The floating regasification unit Exemplar docked at a port in Finland, offering the Baltic country the first change to take advantage of liquefied natural gas. Photo courtesy of Business Wire

Dec. 28 (UPI) — Following in the footsteps of Germany, Finland on Wednesday inaugurated its first floating terminal that can turn liquefied natural gas back to its gaseous form for use in the energy sector, U.S.-based Excelerate Energy said.

Excelerate said the floating storage and regasification unit Exemplar arrived Wednesday at the port of Inkoo already partially loaded with LNG.

“The arrival of the FSRU Exemplar at the port of Inkoo represents an important milestone for Finland as it prepares to enhance its energy security and bring essential energy infrastructure to the region,” said Steven Kobos, the president and CEO of Excelerate.

Many of the regional economies are looking for alternative sources of crude oil and natural gas as Western sanctions imposed in response to the war in Ukraine limit what’s available from Russia, once a primary supplier to Europe and the surrounding regions.

Russian energy company Gazprom cut gas supplies to Finland’s state-owned energy firm, Gasum, in May, ostensibly due to contractual disputes. A few months later, and the U.S. Senate ratified Finland’s application to join the NATO military alliance, expanding the regional buffer against Russia.

Meanwhile, the arrival of Exemplar could in theory be a boost to other Baltic countries given Finland’s pipeline connections to its neighbors. Excelerate has a marketing subsidiary in Finland that can deliver natural gas to others in the region.

LNG has emerged as a vital alternative to Russian supplies. Germany last week inaugurated its own floating regasification unit, marking a first for a country that serves as the terminal end to Russia’s Nord Stream natural gas pipeline from the Baltic Sea.

Excelerate is delivering LNG to Finland under the terms of a 10-year charter agreement.

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