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News 04 Dec 14

Croatia Accelerates New Gas Terminal Project

After Russian President Vladimir Putin halted the South Stream pipeline, Croatia will speed up its plans to build a gas terminal on the island of Krk in order to secure its gas supplies.

Sven Milekic
The propsed route of Russia's South Stream project. Photo: Wikimedia Commons.

Croatian deputy prime minister Branko Grcic said on Wednesday that the cancellation of the South Stream project was “an impulse to build the LNG terminal even faster”.

Grcic said that the cancellation of South Stream, which was due to take Russian gas through Bulgaria and Serbia to Europe, would make the terminal on Krk more valuable.

“Because it is an alternative source of gas supply in this part of Europe,” he said.

Croatian economy minister Ivan Vrdoljak meanwhile said that the halting of the South Stream project would not affect Croatia’s energy strategy at all, because the country was not due to be a direct beneficiary of the pipeline.

Vrdoljak said that, as an alternative, Croatia had “started the project of exploration and exploitation of oil and gas [in the Adriatic Sea] and the construction of the LNG [liquid natural gas terminal] as routes that will obviously be the only option for gas supply for this part of Europe”.

Croatia has received five million euro for project documentation from the EU for the LNG terminal on Krk, which opens up the possibility for it to finance the project with EU money.

LNG Croatia, state company founded to run the terminal, has opened a tender for an adviser for business, financial and legal issues in the building preparation period.

The adviser will be responsible for doing all the project documentation and finding potential investors for the building and running of the terminal.

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