Italy: Edison Sells 2.7 Percent Stake in Adriatic LNG

Edison sold to ExxonMobil Italiana Gas Srl and Qatar Terminal Ltd a 2.703% stake in Terminale GNL Adriatico Srl by exercising a Tag Along option.

The disposal price is 78.2 million euro and the deal will generate a capital gain of 5.1 million euros. As a consequence, the resulting Edison stake in Terminale GNL Adriatico Srl is 7,297%.

The relevant agreements for the availability of regasification capacity (that will expire in 2034) remain unchanged. Therefore Edison continues to have access to 80% of the regasification capacity (equivalent to 6.4 billion cubic metres per year), the remaining 20% being allocated to market operators in accordance with the relevant procedures set by the Italian Regulator (Autorità per l’Energia Elettrica ed il Gas).

The Edison gas processed by the Terminal comes from “North Field” in Qatar which is the largest gas field in the world with estimated reserves for more than 25,000 billion cubic metres.

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Source: Edison, April 26, 2011;