August 4, 2017 [ERR] - While the company has yet to apply for funding from the EU for the project, Vopak E.O.S., the largest independent oil product terminal operator in the Baltics, is set to build a 4,000 cubic meter liquefied natural gas (LNG) terminal at Muuga, east of Tallinn, in the near future, with plans to expand terminal capacity later.
“We plant to begin construction in the near future and the terminal’s first phase, with a capacity of 4,000 cubic meters, is expected to be completed in one year,” Vopak spokesperson Olga van Kampen told BNS. “Requesting funding from the EU is still on the table and we are deliberating it.”
Vopak first launched the plan to build a regional LNG terminal at Muuga in 2012. “By now we have realized that it is reasonable to develop the terminal step by step, starting with a smaller terminal and then constructing a large terminal which meets market demands,” van Kampen explained.
“We cannot disclose financial details as our parent companies are listed on the stock exchange,” she added.
Vopak E.O.S. CEO Arnout Lugtmeijer said in February that the plan was to begin building a 4,000-20,000 cubic meter terminal, the cost of which would range from €25-50 million, the eventual cost depending on the terminal’s exact size. Thus it can be estimated that the construction of a 4,000 cubic meter terminal will cost approximately €25 million.
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