ERG pulls out of LNG regasification terminal development project in Sicily

abarrelfullabarrelfull wrote on 31 Jul 2012 20:30
Tags: erg europe italy lng

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At its meeting earlier today, the ERG S.p.A. Board of Directors resolved to withdraw from the project to build a Liquefied Natural Gas (LNG) regasification terminal in the Municipality of Melilli (province of Syracuse), with an annual capacity of 8 billion cubic metres.

The project, set up in 2005 via the creation of a 50-50 joint venture, under the name of Ionio Gas, in partnership with Shell Energy Europe B.V., over the past few years has received positive feedback from all competent bodies with regard to environmental safety and compatibility and is currently awaiting the Single Authorisation on the part of the Region.

The decision to withdraw from the project stems from the profound changes that have occurred in both the energy and the economic and financial scenarios, following the recession that began in 2008, as well as the present configuration of the Group's businesses.

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