Enel gets green light for Sicily LNG terminal

Italian power group Enel has received final clearance from authorities for its liquefied natural gas terminal (LNG) in Sicily, Chief Executive Fulvio Conti said. Investments in the project will be around EUR 600 mm ($ 778 mm) and construction will probably take around 40-50 months, Conti said, speaking on the sidelines of a conference.
Enel owns 90 % of the project, which should have a capacity of 8 bn cm per year. Enel will use gas it already has in its portfolio from Nigeria, Conti said, adding that the group was also looking to close contracts with countries like Algeria, Egypt, Qatar and the Arab Emirates.

Asked about talks to buy the 25 % stake in Endesa held by Spain's Acciona, Conti said the company was assessing various opportunities.
"At the moment there is no concrete solution," Conti said. Acciona has a put option on its 25 % stake in Endesa, which can be exercised from March 2010, but reports have said Enel is interested in buying the stake earlier. Corriere della Sera said adeal with Acciona could be reached soon.

Conti, who had been in Abu Dhabi for a business fair, added that Abu Dhabi investment funds had expressed interest in buying stakes in its renewable energy business, Enel Green Power.
Enel intends to either sell or list a minority stake of around 30-40 % in Enel Green Power, excluding its large hydro plants.