Cobalt has advised Pakrineeme Sadama on selling its liquefied natural gas loading quay in Paldiski – together with the related infrastructure and port property – to the Estonian Stockpiling Agency for a total transaction value of EUR 31.5 million.
According to Cobalt, “the head of the stockpiling agency, Ando Leppiman, said that the state purchased the quay with the intention of establishing an independent gas security supply solution for Estonia in collaboration with Elering, the owner of the gas infrastructure. The aim of the Stockpiling Agency is to achieve the full capacity to receive LNG by sea by this autumn. This will increase the country’s and region’s energy security and businesses in the region will have a third option for importing natural gas in addition to the LNG-capable ports of Klaipeda and Inkoo.”
Cobalt’s team included Partner Aivar Taro and Senior Associate Siim Vahtrus.
Cobalt did not respond to our inquiry on the matter.