European Investment Bank to provide $174.2 million for Polish LNG Terminal
The expansion of a liquefied natural gas (LNG) terminal on the Polish-German border took a step forward on Tuesday after the company established to construct and operate the facility said it was to embark on research project to asses demand, Ship & Bunker reports.
"Our business decisions ought to reflect the needs of the market," said Polskie LNG CEO Rafał Wardzińsk. "it's time to ask what services the market expects from us."
The European Investment Bank is reported to have provided PLN600 million ($174.2 million) for the Świnoujście LNG terminal, which is scheduled for completion by June 30, 2014.
It is the first infrastructure project of its kind in Central and Eastern Europe and the investment is seen as a way of promoting energy security in the European Union (EU).
"We assume that the capital invested in the construction of the LNG terminal shall be used most efficiently to bring the best returns in the future," said Wardzińsk.
"We expect our terminal to play an important role not only on the energy map of Poland but also in the entire region of Central and Eastern Europe, offering the clients a wide range of business opportunities," he added.
The market study will consider demand for increased LNG volume, potential need for LNG storage services, and demand for truck and rail cistern loading services.
Singapore just announced the expansion of an LNG terminal now under construction from 6 mtpa to 9 mtpa to meet the needs of its growing economy.