Herkko Plit appointed as President and CEO of Baltic Connector Oy

Herkko Plit appointed as President and CEO of Baltic Connector Oy

The Board of Baltic Connector Oy has appointed M.Sc. Herkko Plit as the President and CEO of the company from 1 October 2016. Mr Plit has been a Member of the Board since the company was set up and the Chair of the Board since November 2015.

From 2012 to the present Herkko Plit has worked as the Deputy Director General at the Energy Department of the Ministry of Economic Affairs and Employment. Among other duties he has been in charge of the Balticconnector project and development of natural gas infrastructure in the Baltic Sea region.

Mr Plit has solid experience in leading construction projects from the OL 3 project of Teollisuuden Voima Oy (2003–2008) and senior leadership at the Fortum Group (2008–2011). From 2008 to 2010 he was the President and CEO of Fortum Nuclear Services Ltd.

Mr Plit has experience from leadership positions from the European Commission as well. In total he has 16 years of experience from various leadership tasks, also in large organisations and financially significant projects.

Baltic Connector Oy is a state owned company set up in 2015 to implement the Finnish part of the Balticconnector natural gas pipeline project. The Balticconnector is a bi-directional gas pipeline that will connect the gas networks of Finland and the Baltic countries.

On 15 July 2016, the European Commission announced it would award grants totalling EUR 187.5 million to Baltic Connector Oy and the Estonian transmission network company Elering AS for construction of the Balticconnector gas pipeline. The EU grants amount to 75 per cent of the pipeline’s EUR 250 million construction costs. The gas pipeline is to be completed by 2020.

The Cabinet Committee on Economic Policy decided at its meeting on 13 September 2016 that the Government proposes EUR 28 million for financing the construction of the Balticconnector gas pipeline. The funding, in the form of capitalisation for the Baltic Connector Oy, will be included in the third supplementary budget proposal for 2016 to be presented in October.

Inquiries:

Ms Päivi Janka, Member of the Board of Baltic Connector Oy, tel. +358 295 064 833
Mr Pekka Kettunen, Member of the Board of Baltic Connector Oy, tel. +358 295 160 153
Mr Herkko Plit, President and CEO of Baltic Connector Oy (from 1.10.2016), tel. +358 50 462 0788

Baltic Connector Oy CEO Nomination (pdf)