OilVoice - Strategic Partner joins Larne Lough Gas Storage Project

Strategic Partner joins Larne Lough Gas Storage Project

13 May 2008

Portland Gas plc has announced that its Northern Ireland subsidiary Portland Gas NI Limited has agreed Heads of Terms with Moyle Energy Investments Limited, a subsidiary of Northern Ireland Energy Holdings Limited (“NIEH”), operator of the Scotland to Northern Ireland Pipeline (SNIP), for NIEH to participate in the Larne Lough gas storage project. Under the terms of the agreement NIEH have an option, following completion of a due diligence process and consultation with their stakeholders, to become a joint venture partner taking a 35% equity interest in the Larne Lough project and paying their share of the development costs.

Commenting on the project Andrew Hindle, CEO of Portland Gas plc, said:
"NIEH have been assisting Portland Gas for over a year and their involvement is integral to the success of this strategically important project. They own the gas infrastructure into which the Larne Lough gas storage project would be connected. With their long-term approach and intimate understanding of local customer, regulatory and government needs, the mutual energy infrastructure company is an ideal partner for Portland Gas NI Limited."

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