Plenković: We are expanding the LNG terminal from 2.9 to 6.1 billion cubic meters

Croatia will expand the capacity of the LNG terminal on Krk from 2.9 to 6.1 billion cubic meters of gas, announced Prime Minister Andrej Plenković on Monday at the Three Seas Initiative meeting in Riga.

The Three Seas Initiative is an informal political platform of twelve countries located between the Baltic, Adriatic, and Black Seas, co-founded by Croatia and Poland, aimed at strengthening energy, transport, and infrastructure connectivity. This year’s summit is being held in Riga.

In his address to the gathering, Prime Minister Plenković announced the increase of the LNG terminal capacity on Krk from 2.9 to 6.1 billion cubic meters of gas, which means that Croatia 'is going far beyond the needs of the Croatian economy and households'.

– This enables Croatia to become a regional energy hub, beneficial for neighboring countries – Slovenia, Bosnia and Herzegovina, and Hungary – added Plenković, who also discussed transport connectivity, emphasizing Corridor 5C, which connects Croatia, Hungary, and Bosnia and Herzegovina and reaches Ploče.

The initiative, launched in 2015 at the proposal of then-President Kolinda Grabar-Kitarović and her Polish counterpart Andrzej Duda, whose first meeting was in Dubrovnik, now has an investment fund currently worth 928 million euros. According to U.S. Secretary of State Antony Blinken, with new American investments, it will far exceed the value of one billion euros after the meeting in Riga.

Plenković emphasizes that the Three Seas investment fund is the most logical path for investments in energy, transport, and digital projects in Croatia. HBOR has been participating in the fund since 2020 with 20 million euros. Croatia proposes 11 projects to the fund.

– Since this is a development bank that has excellent insight into the financing needs of various projects in Croatia, I am confident that this can be the best, most logical, and most useful way to channel and operationalize funds for projects in Croatia – said Plenković.

In Riga, where a number of state leaders have arrived, a business forum is also being held, featuring Croatian companies such as Končar, Luka Rijeka, and Plinacro.

– This is an excellent opportunity to establish contacts, exchange information, and ultimately sign some business cooperation agreements – said the Croatian Prime Minister.

The region between the three seas is extremely important for Croatia as it accounts for more than a third of Croatian imports and exports, and 40 percent of tourists come from this area.

– This circle of countries is very interesting for Croatia, and they are ultimately part of our Central European identity – concluded Plenković, who will have bilateral meetings in the Latvian capital with the President of Latvia, Egils Levits, and Google Vice President Karan Bhatia.