Business
Update on Rivara
Update on Rivara.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n25 June 2007\n\n\n\n\n Independent Resources plc\n\n Update on Rivara\n\n\nIndependent Resources plc has engaged Italy's Banca Intesa San Paolo to advise\non negotiations with parties seeking an interest in its planned gas storage\nproject at Rivara in northern Italy.\n\n\nThe appointment follows an update last month which disclosed that IRG has\nreceived approaches from major integrated and non-integrated gas majors keen to\nbecome key participants in the underground facility at Rivara.\n\n\nIRG said it was reviewing the approaches, and did not exclude the possibility of\nan early-stage strategic partnership. The company added that a strategic partner\nwould enhance its own resources, freeing it to allocate them more evenly across\nall of its projects.\n\n\nRivara is located at the central point of Italy's gas supply system, and IRG is\naiming to develop the project against the backdrop of Italy's urgent demand for\nnew gas storage facilities following recent winter supply shortages. The company\nis currently working to ensure full compliance with Italy's stringent\nenvironmental and planning regulations.\n\n\nThis includes steering the plans for Rivara through the complex 'VIA' permitting\nprocess, to ensure that the project meets the requirements of all of the\nstakeholders and government interests involved, at local, regional and national\nlevel. Rivara is potentially Italy's largest gas storage facility in terms of\nworking gas capacity, and Government representatives have indicated publicly\nthat a decision on the planning applications will be made this year.\n\n\nIRG Executive Chairman Grayson Nash said the company remained confident that\nRivara is set to become a vital and reliable centrepiece for Italy's security of\nsupply.\n\n\nThe new advisory agreement has been established between IRG's wholly-owned\nsubsidiary, Independent Gas Management srl, and Banca IMI, the investment\nbanking division of Banca Intesa San Paolo.\n\nFor further information contact:\n\nIndependent Resources plc\nSteve Staley, Managing Director 01332 865 253\n 07771 838 753\n\nFirst City Financial Public Relations\nAllan Piper 020 7242 2666\n\nDeloitte Corporate Finance\nDavid Smith 020 7936 3000\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":...