BG Group and Enel become partners in Brindisi LNG

abarrelfullabarrelfull wrote on 05 Jun 2014 11:58

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24 JUNE 2003

BG Group plc announced today the completion of a Share Sale and Purchase Agreement under which Enel S.p.A., has acquired 50 per cent of the proposed €390 million Brindisi Liquefied Natural Gas (LNG) import project in Italy. The consideration was approximately €10.9 million. In addition, a Project Development and Shareholders Agreement has been signed to govern the joint development of the project.

On February 14, 2003, BG Group announced that a Memorandum of Understanding (MoU) had been signed for Enel's participation in Brindisi LNG.

Martin Houston, Executive Vice President, BG Group plc, said: “These major agreements mark the start of BG Group's and Enel's partnership to develop and operate Brindisi LNG. This significant project is being developed to bring new sources of natural gas supply into Italy to help meet expected increase in market demand. We look forward to working together to bring this facility into operation in 2007.”

The plant, to be constructed in Brindisi Port on the south-east coast of Italy, is being designed to receive, store and regasify 6 million tonnes of LNG per year. Front End Engineering and Design work began in mid-June this year and construction is expected to begin in early 2004.

BG Group and Enel will share 80 per cent reserved capacity in the proposed terminal equally. The remaining 20 per cent will be subject to regulated third party access.
Franco Fassio, President, BG Italia, has been appointed Managing Director and Chief Executive of Brindisi LNG S.p.A., the project company, and Lorenzo Bronzi, Director General of Enel Trade, has become President.

Brindisi LNG has been placed on the priority infrastructure list of strategic projects by the Italian Government and European Union authorities.

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