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    1. General Interest

    BG Group to own 100% of Brindisi LNG SPA

    June 21, 2005
    BG Group has agreed to acquire Enel SPA's interest in Brindisi LNG SPA, which is building an 8 billion cu m/year LNG regasification terminal on Italy's southeastern coast. The transaction will give BG 100% ownership of Brindisi.

    By OGJ editors
    HOUSTON, June 21 -- BG Group has agreed to acquire Enel SPA's interest in Brindisi LNG SPA, which is building an 8 billion cu m/year LNG regasification terminal on Italy's southeastern coast. The transaction will give BG 100% ownership of Brindisi.

    BG will assume Enel's interest for €17 million plus a deferred, contingent sum of €27 million. BG said it expects the transaction to be complete by late June.

    The agreement negates BG's agreement to sell 3.2 billion cu m of LNG to Enel, which was conditional on Enel's Brindisi participation. BG will market that supply in Italy.

    A consortium led by Tecnimont SPA has begun site work on the terminal, which is scheduled to begin operations in second half 2008 (OGJ Online, Jan. 24, 2005).

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