MILAN (Thomson Financial) - Enel SpA said it has finalized the acquisition of a 90 pct stake in the liquefied natural gas (LNG) terminal it will develop at Porto Empedocle in Sicily, adding it expects to invest over 600 mln eur in the facility.
The permitting process to secure the necessary authorizations for the terminal are in an advanced phase, Enel said.
The terminal, which is likely to have a capacity of 8 bln cubic metres of gas per year, is expected to be operative by 2011, the company said.
Enel CEO Fulvio Conti has previously said Enel might consider taking a possible equity stake in two other LNG terminals in Italy. stephen.jewkes@thomson.com sj/tc COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.