The state-owned power and gas firm said in a statement on Wednesday that it had concluded agreements on several natural gas supply transactions using the Inko LNG terminal in the fourth quarter of 2025.
According to Latvenergo, the agreements “significantly” increase the security of supply for Latvenergo and Latvia, as Finland’s infrastructure capabilities complement the Klaipėda LNG terminal in Lithuania, which Latvenergo has used to date.
Latvenergo previously booked 6 TWh per year of the Klaipeda FSRU-based terminal’s capacity for ten years.
In addition, Latvenergo noted that it has already made its first transactions in Finland, supplying LNG to Finnish wholesale customers via the Inko terminal during a period when the Balticconnector pipeline was unavailable.
At the end of this year, approximately 2 TWh of LNG will be delivered to the Inko FSRU-based terminal, Latvenergo said.
This is approximately two LNG cargoes.
Latvenergo said it will deliver the LNG cargoes to the Finnish LNG terminal, store the regasified supplies in the Incukalns underground gas storage facility in Latvia, and sell them to customers in Finland.
The firm did not provide further details regarding the LNG cargoes.
Cooperation
Latvenergo said the use of the Inkoo terminal is a “practical and symbolic step.”
By diversifying LNG supplies, businesses are “confirming both the rational functioning of the joint Baltic and Finnish energy infrastructure and the additional opportunity to supply energy-critical resources through the ports of friendly neighboring countries.”
International cooperation is possible thanks to the regasification capabilities of both the Inko and Klaipėda terminals, as well as the Incukalns underground gas storage facility, which is used by a large number of Baltic and Finnish traders for their business, it said.
Since 2022, Latvenergo has been using the KN Energies-operated terminal in Lithuania.
The use of the terminal, together with direct purchases at the international level, “guarantees the necessary volume of resources, which are purchased on the international market from the world’s leading LNG companies,” Latvenergo added.
In 2023, Norway’s Equinor agreed to supply six LNG cargoes to Latvenergo via Lithuania’s Klaipeda FSRU-based terminal.
Under the deal, Equinor will supply two LNG cargoes per year to Latvenergo over the 2024-2026 period.
Inkoo FSRU
Gasgrid’s FSRU-based LNG import terminal in Inkoo recently restarted operations following planned maintenance.
Excelerate Energy’s 150,900-cbm FSRU Exemplar left Inkoo in August to Munkebo, Denmark, where the Fayard shipyard is located.
Gagrid announced on September 25 that the FSRU has returned from the yard, saying that operations will resume on September 29.
“The docking went well and ahead of schedule thanks to careful planning and thorough preparation,” the company said.
“During the docking, various inspections were carried out on the ship, its electronic systems were updated, and its recertification for the next five-year period was ensured. The ship also received a new coat of paint. During the ship’s absence, maintenance work was also carried out at the Inkoo terminal area,” Gasgrid said.
The FSRU Exemplar, which serves the Inkoo terminal under a charter deal, has a regasification capacity of more than 5 bcm per year.
It arrived in Inkoo in December 2022.
