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Dec 19, 2017 12:35 EEST
December 19 (SeeNews) - Croatia and Hungary have signed an agreement with the EU for a 101.4 million euro ($119.7 million) grant for the construction of a liquefied natural gas (LNG) terminal on the Croatian island of Krk, the European Commission said.
The agreement was signed under the Connecting Europe Facility (CEF) at the Energy Council in Brussels, the European Commission said in a statement on Monday.
The EU grant contributes to the overall estimated costs of 383.6 million euro.
"This investment will not only allow for the supply of natural gas to Croatia and Hungary: it will also increase the diversification of energy sources of Central and South Eastern Europe, and give an economic lift to the region", European commissioner for climate action and energy, Miguel Arias Canete, said in the statement.
The LNG terminal will first operate as an offshore floating storage and regasification unit with a yearly capacity of at least 2 billion cubic metres.
According to the Commission, construction works are scheduled to start in February 2018, while completion is expected in December 2019.
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