European Commission allots €44m to upgrade giant gas storage facility

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The European Commission has approved allocation of €44 million, or co-finance 50%, for a development project of natural gas transmission and storage company Conexus Baltic Grid that deals with improvements to Inčukalns underground gas storage facility's infrastructure and safety of equipment at the facility, Conexus CEO Zane Kotāne told LETA.

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%).

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