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24

Qatar Petroleum, ExxonMobil Buy Italian LNG Plant

Edison will be the main beneficiary of the terminal

Italy's Edison has sold 90% of Edison LNG, the company in charge of the planned 8-bil cu m/year offshore Isola di Porto Levante LNG terminal, to Qatar Petroleum and ExxonMobil for Eur20.75-mil ($26.71-mil), Edison said Tuesday.

The deal was for Eur9.95-mil in cash and includes the cancellation of a Eur10.80-mil debt held by Edison LNG. Edison will keep 10% of the project in the Rovigo province of Italy's Adriatic coast. Both parties have maintained buy-out clauses in the contracts. As a result of the deal, the terminal's owner will also change name to GNL Adriatico.
The terminal, which is due to be in operation by the end of 2007, has already been approved at national and environmental levels.

The Isola di Porto Levante terminal will be built about 15km from the coast of Venice province at a depth of 30m and will likely serve an average of two ships per week, Edison said.

Edison will be the main beneficiary of the terminal, with access to 80% of the terminal's capacity for 25 years after completion in 2007. The remaining 20% will be offered to third parties in accordance with Italian market rulings.