Investors Approve Krk LNG Terminal in Croatia After Decades of Delays
Investors have given the green light to build the Krk LNG terminal in Croatia, a project that has been on the country's energy policy agenda for decades. The decision, backed by several stakeholders including the European Union, aims to bolster energy security in Central Europe and the Balkans.
The Krk LNG terminal, initially proposed in the 1980s, was added to the European Commission's Projects of Common Interest list in 2014, making it eligible for EU funding. However, the project has faced repeated delays, with Croatia only now moving forward with construction.
The Asia Pacific Energy Research Centre defines energy security as the availability, accessibility, affordability, and acceptability of energy supplies. Yet, the Krk LNG terminal faces criticism from both environmental and economic standpoints. Gazprom's long-term natural gas delivery agreement with Zagreb in 2017 has further undermined the project's economic rationale. Moreover, the EU's plan to phase out natural gas by 2035 raises questions about the terminal's long-term viability.
Despite the controversies, the Krk LNG terminal is set to proceed, with investors arguing it will increase energy security in the region. However, Croatia and Hungary are urged to prioritize renewable technologies to ensure a sustainable and secure energy future, leveraging solar, wind, and geothermal power.
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