The total cost of the project is €88 million, and the project will be carried out until 2025.
"The investment will help us replace older equipment that not always meets the current market requirements. I am ver pleased with the European Commission's decision that will enable us to solidify the positions of Inčukalns storage facility as a modern and critically important operator for the natural gas infrastructure in the Baltics and Scandinavia," said Kotāns.
Conexus, which has taken over natural gas storage and transmission functions from Latvijas Gaze, was established on December 22, 2016. Conexus belongs to state-owned Augstsprieguma Tīkls (34.36%), Russia's Gazprom (34.1%) and Marguerite Gas I (29.06%).