COBALT advised Pakrineeme Sadama OÜ on selling its property to the state
2023 - 04 - 03
COBALT advised Pakrineeme Sadama OÜ (PNS) on selling its liquefied natural gas (LNG) loading quay in Paldiski, as well as the related infrastructure and port property to Estonian Stockpiling Agency. The total value of the transaction is €31,500,000.
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.
Prior to the purchase, the agency commissioned a legal, financial and technical assessment, which confirmed that the quay which was built on the sea in impressively short timeframe will be able to receive floating LNG terminals (FSRUs).
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 advised Pakrineeme Sadama OÜ throughout the entire sales process which started already in June 2022. Our team included Partner Aivar Taro and Senior Associate Siim Vahtrus.