BG Group today announced that it has agreed to acquire sole ownership of Brindisi LNG, the company developing an eight billion cubic metre per annum (bcma) LNG regasification terminal on the south east coast of Italy.
BG Group is acquiring the additional interest from Enel for a cash consideration of €17 million, plus a deferred, contingent sum of approximately €27 million. Completion of the transfer of Enel’s shareholding is expected to take place by the end of June.
Speaking today, BG Group Executive Vice President for the Mediterranean Basin and Africa, Stuart Fysh said: “Brindisi LNG, which is part of BG’s Atlantic Basin strategy, will bring major new investment to southern Italy.
“It will deliver a new and competitive energy supply to Italy and will also bring significant development to the economy of the region.”
Site works have begun at the Brindisi LNG terminal, which is scheduled to commence operations in the second half of 2008.