VERBUND secures rights in LNG Terminal project in France

7/9/2007Wien

VERBUND has taken its cooperation with POWEO, largest independent French energy provider, to the next level. Thus, Austria's leading company on the electricity market will be receiving 24.5 % of the shares in a large-scale project involving an LNG (liquid natural gas) terminal including a regasification plant near Le Havre-Antifer.

With this cooperation VERBUND secures the rights for a third of the capacities of the regasification terminal in Le Havre. With that, VERBUND is securing an option of 3 billion m3 per annum. Next to VERBUND, German company E.ON Ruhrgas AG also holds an interest in this project of the same degree. As of 2011, the terminal is to accommodate the growing gas need with an annual input of 9 billion m3 gas. A corresponding Memorandum of Understanding has been signed by the electricity companies involved, namely, POWEO, VERBUND and E.ON Ruhrgas AG, as well as by Compagnie Industrielle et Maritime (CIM), operator of the oil harbour infrastructure in Le Havre. 

With this project, VERBUND plans to further expand its international business and successfully presses ahead with its development towards being a fully integrated electricity company.

Cooperation between POWEO and VERBUND has been in existence since 2006 and, so far, has involved several power plant projects, as well as an interest in the French end customer market.