More time given for interested parties in the LNG terminal construction on the Croatian island of Krk.
The LNG Hrvatska company has extended the deadline for investors to express their interest for the construction of the LNG terminal on the island of Krk from December 15 to December 31, the company confirmed on Friday. The deadline was extended in agreement with the European Commission, at the request of companies for which the LNG business is not the primary one and which have requested additional time to review the data from the data room, reports Poslovni.hr on October 9, 2015.
The company LNG Hrvatska announced on July 21 the call for interested parties to participate in the process of selection of investors for the development of the LNG terminal on the island of Krk, with the deadline of December 15. Virtual data room, where investors who have expressed their interest can review the details of the project, was opened on September 1.
The construction of the terminal for liquefied natural gas on the island of Krk, with the estimated value of 600 million euros, has been declared as a strategic investment project by the Croatian government. The Law on Strategic Investment Projects provides that all the formalities for such projects can be solved as quickly as possible, with the highest level of priority.
Estimated value of LNG terminal on the island is 600 million euros just for the terminal, and more than a billion euros when gas pipelines and compressor stations are included. The LNG terminal has been included in the list of the European Strategy for Energy Security. LNG Hrvatska expects that the construction of the terminal will begin in mid-2016 and will last for three years.
Croatia annually consumes 2.7 billion cubic metres of gas, while the capacity of the LNG terminal would be between four and six billion cubic metres. Therefore, in addition to supplying Croatian customers, it would also serve as a gas supply option for regional countries and the EU.