ZAGREB, Jan. 30 (Xinhua) -- Croatia will allocate 57 million U.S. dollars this year and the same amount next year to finance the LNG terminal project on the Island of Krk, a large Croatian island in the northern Adriatic Sea, Croatian government decided on the session held here on Tuesday.

The value of the first phase of the project is 267 million dollars, with the European Commission granting 115 million dollars in return, as it is evaluated as a project of common interest for the European Union.

Gas transmission company Plinacro and Croatian Electric Power Company (HEP) will also fund the project.

"The LNG terminal project is of strategic importance for Croatia, and it is important for energy independence and security of the country," Croatian Environment Minister Tomislav Coric said at a session of the Croatian government.

It is anticipated that a special vessel will be purchased in the first phase of the LNG terminal project, and also a dock and the facilities for the gas transportation to the consumer will be settled.

Until now, a lease of 520 million cubic meters has been agreed. Enditem

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