ENI may spend EUR 1 bn on Italian LNG plant

Dec 13, 2006 01:00 AM

ENI, Europe's fourth-biggest oil company, may spend almost EUR 1 bn ($ 1.32 bn) constructing a terminal to import liquefied natural gas, part of its investments to allow more of the fuel to flow into Italy.
The proposed plant would have an initial capacity of 8 bn cm a year, according to slides presented by Chief Executive Officer Paolo Scaroni in parliament. The company will spend another EUR 1 bn expanding a refinery in southern Italy, the CEO told lawmakers.

The cost of the proposed LNG plant would be in addition to Rome-based ENI’s EUR 9 bn of planned investments on Italian gas infrastructure between 2006 and 2010, according to the slides. The total includes EUR 1 bn for international gas pipelines that would increase imports to Italy by 16 bn cm of gas a year, according to ENI.
Italy's government said in August it aimed to approve or reject plans to build seven liquefied natural gas terminals within the 90 days to prevent a repeat of last winter's shortage of the fuel.

ENI’s SnamRete Gas unit operates Italy's only LNG terminal, opened in 1971. The new terminal would be “ideally” located 15 to 30 km (9 to 18 miles) off the Adriatic coast, where ENI has depleted gas fields, and be built by its Saipem unit. The project is a new one and ENI hasn't applied for government approval to build it, Scaroni told after a closed hearing on energy policy at the industry committee of Italy's lower house of parliament in Rome.
ENI’s investment at the Taranto refinery in southern Italy will double the plant's capacity to 11 mm tons of crude oil a year and increase output of low-sulphur fuels, lawmaker Ludovico Vico told, citing Scaroni's testimony.

ENI will add 445,000 cm of storage capacity at the site and expand a power plant there to 240 MW, according to ENI’s slides.
The company plans to build pipelines from the refinery to Brindisi and Naples.

Source: Bloomberg
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