Other News

Finnish companies back nuclear plant as funding deadline looms


Finnish companies signed up to help fund a nuclear plant in the far north as a government deadline loomed to line up financing. State-controlled utility Fortum Oyj, stainless steel maker Outokumpu Oyj and real estate developer SRV Oyj on Wednesday announced plans to either buys stakes in the Fennovoima Oy project or increase their current holdings. Finnish investors had been deserting the project, approved more than five years ago, in droves as electricity prices declined and the country’s economy contracted. The last minute commitments from some local powerhouses may allow the government to fulfill its publicly stated goal of having 60 percent ownership for the new reactor from within the European Union and European Free Trade Association.

Oil & Gas

Finland and Estonia strike LNG deal


Finland and Estonia have reached an agreement on a road map for creating a Liquefied Natural Gas (LNG) terminal between the two countries. The Finnish Prime Minister Alexander Stubb and Estonian Prime Minister Taavi Rõivas said the two countries will implement the LNG projects when it is both “technically and economically feasible” to do so. The plan includes the construction of a large-scale LNG terminal in Finland, which would then provide liquefied natural gas to users in the region at competitive prices.