Business
Rivara Update
Rivara Update.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n09 August 2007\n\n Independent Resources plc ('IRG' or 'the Company')\n\n Rivara Update\n\nIndependent Resources plc, the AIM-quoted natural gas storage and exploration\ncompany, is preparing to submit further information to the Italian National\nGovernment commission considering environmental clearance for its planned\nunderground gas storage facility at Rivara in northern Italy.\n\nIt follows a formal request from Italy's Ministry of the Environment for\nadditional data following an earlier submission of environmental and technical\ndata by IRG last June. The Ministry said that it was not yet possible to reach a\ndecision on the Environmental Impact Assessment, pending the provision of the\nnew information.\n\nThe Environmental Impact Assessment is similar in many ways to the UK's planning\nprocess and is designed to create public exposure as a means of ensuring that\nplanned projects are compliant with environmental and regulatory requirements\nand viable within those parameters. Although the process is expected to stretch\nacross several more months, this in part reflects IRG's commitment to full\ncompliance with all of the necessary environmental and planning requirements\nsurrounding the planned development at Rivara.\n\nIRG Chairman Grayson Nash said: 'For obvious reasons, we are the first to be\ninterested in the environmental and safety aspects of the Rivara project, and we\nare pleased to be able to supply whatever data are necessary to satisfy the\nnecessary planning and social requirements.'\n\nOnce the new environmental and technical data now requested have been submitted,\nthe assessment procedure can commence, and must then be completed within 90 days\nunless still further particulars are required.\n\nItaly's Ministry for Economic Development has identified the country's lack of\nsufficient gas storage as one of the primary reasons for the dramatic energy\nsupply problems of recent winters. Government representatives have indicated\npublicly that a decision on Rivara would be made this year.\n\nIRG has engaged Italy's Banca Intesa San Paolo to advise on negotiations with\nparties seeking to take a stake in the planned Rivara development. That move\nfollowed approaches from major integrated and non-integrated gas majors keen to\nbecome key participants in the underground project.\n\nFo...