Business
Re: Rivara Gas Storage
Re: Rivara Gas Storage.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n11 September 2006\n\n\nFurther key step towards appraisal and development of major gas storage project\n\n\n11 September 2006: Independent Resources plc (IRG), the AIM-quoted natural gas\nstorage and exploration company, has taken another significant step towards the\nplanned development of a strategic underground gas storage project at Rivara\nnear Bologna in northern Italy.\n\nThe company has submitted the results of a nine-month Environmental Impact Study\nfor approval by the Italian Environment Ministry. It is seeking clearance to\nbegin a €200 million appraisal and development programme, ready for Rivara to\ncome on stream in 2010.\n\nThe Rivara gas storage reservoir is a fractured limestone formation that offers\nthe opportunity to inject and withdraw natural gas rapidly to match seasonal\ndemand patterns and take advantage of the associated trading opportunities.\n\nIt lies alongside Italy's balancing point on the gas 'motorway' that\ntransports Europe's long-term gas supplies from North Africa, and could play a\nkey role in mitigating the effects of future gas shortages like the crisis which\nhit Italy last winter. At full capacity of 3.2 billion cubic metres, it would\nrepresent over 20% of Italy's current total gas storage and be larger than any\ncurrent gas storage site in the UK.\n\nIRG Chairman Grayson Nash said: 'In completing this study, we have worked\nclosely with the regional and central authorities and stakeholders in order to\nminimise administrative delays. The Italian authorities have been very focused\non fast-tracking vital energy infrastructural projects, in light of the\nworsening gas crisis facing the country. We believe Rivara will prove crucial in\nhelping to secure and balance gas supplies both in Italy and more widely\nthroughout Europe.'\n\nThe Environmental Impact Study submitted by IRG identifies a wide range of\ndirect and indirect effects that the project would have on the local environment\nC including its social impact.\n\nIts submission for approval follows IRG's 2004 success in winning a concession\nto develop and operate facilities at Rivara over a period of up to 40 years, and\nis necessary to win re-confirmation of the concession.\n\n\nFor further information contact:\n\nStephen Staley, Managing Director, Independent Resources plc: 01332 865 253\n 07771 8...