03-04-2023

Vitol delivers first LNG cargo into Finland’s new Inkoo terminal

On Sunday Vitol delivered the first LNG cargo into Finland’s new Inkoo terminal. The cargo was ordered by Elenger, the largest privately owned energy company in the Finnish-Baltic region.

The cargo originates from Vitol’s portfolio of US origin LNG, specifically the Venture Global Calcasieu Pass facility, and was transported in the Vivit Americas LNG, a modern LNG tanker which is part of the Vitol fleet. The tanker, sailing under the flag of Malta and built in 2020, is 299 meters long and 46 meters wide. It can hold 174,062 m3 of liquefied gas.

Vitol has a global LNG portfolio with long term sourcing contracts from producers in the USA, Middle East, Africa and Asia. In 2022 Vitol traded over 17.5 million toe of LNG with around 67% of this volume being supplied to Europe.

Pablo Galante Escobar, Head of LNG & European Gas and Power, Vitol said: “Vitol is delighted to deliver the first LNG cargo to Elenger via Finland’s Inkoo terminal. The opening of the terminal will enhance energy security in Finland and the Baltic region, facilitating the flow of LNG from around the world to European industry and consumers.”

“As one of the few energy companies operating in the region, we purchase gas directly from the Western sources, this allows us to offer our customers greater security and better prices, and has significantly increased our market share in Finland and the Baltic countries over the past year,” said Pasi Näkki, CEO of Elenger Finland.

“Until today we have used the port of Klaipeda in Lithuania to bring gas from the United States and Norway, now we start cooperation with the Inkoo terminal too and also with a new supplier in addition to our current partner Equinor from Norway – a global energy company Vitol,” said Näkki.

Elenger has signed agreements with LNG terminals to deliver a total of ten cargoes by the fall of this year – three deliveries have already arrived in Lithuania’s Klaipeda port in January and March, and a total of seven deliveries will arrive in Finland’s Inkoo port in the spring and summer. Last year, Elenger procured five large shiploads of gas for its customers through the port of Klaipeda.