EU to fund pipeline to help Finland reduce its dependence on Russian energy

The European Union will provide €187.5 million for the construction of a gas pipeline which will allow Finland to reduce its dependence on Russian energy, Deutsche Welle reported.

On Friday, July 15, EU member states excepted the proposal of the European Commission to finance the construction of the pipeline, which will connect Estonia and Finland. This was reported on the website of the European Commission. The pipeline, which will begin operating in 2020, aims to reduce Finland's dependence on a single supplier of the "blue fuel".

Currently, Finland imports all of its gas from Russia.

According to the report of the European Commission, the EU will provide €187.5 million for the construction of Balticconnector which will be laid under the Baltic Sea.

“Balticconnector will strengthen the security of energy supply in the eastern Baltic Sea region. It will create conditions for diversification of sources and supply routes," a statement of the European Commission read.

"This is a historic day for the Finnish energy market," the Minister of Economy of Finland, Olli Rehn, said.

The Baltic States' dependence on imports of Russian energy resources was partially reduced in January 2015 when Lithuania launched its first floating terminal for receiving liquefied natural gas (LNG) in the port of Klaipėda.

Russia’s actions in Ukraine have created an additional incentive for the EU to reduce its dependence on Russian energy.

  Finland, EU, gas import, Russia