January 2020, Vol. 247, No. 1

Global News

Europe’s Newest Gas Link Could Weaken Gazprom Prices

Europe’s first new gas interconnector in a decade, linking Finland and Estonia across the Baltic Sea, will weaken Gazprom’s hold on the region and spark price competition, the pipeline’s owners said. 

The pipeline, called Balticconnector, was set to come online Jan. 1 and will help Finland diversify its gas supplies, which are solely Russian, and can also send gas to the Baltics, whose gas comes from Russia and Lithuania’s Klaipeda LNG terminal.

Although the pipeline will partly carry Russian gas, it is a mostly European Union (EU)-funded project, with the EU covering 75% of its $330.81 million (300 million euro) cost. Its owners, Finland’s Baltic Connector and Estonia’s Elering cover the rest.

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