11 April 2018 – Vitol and Comoil (through Vitol/Comoil joint venture company ‘Vitaly LNG’) and Cosin have joined forces with ISGAS and the parties entered in the capital of joint company ‘Sardinia LNG’. The Sardinia LNG partners are jointly developing an LNG receiving and regasification terminal project in Cagliari, Sardinia. The proposed LNG terminal will enable ISGAS to supply competitive natural gas to its customers.
The LNG project will create significant value for Sardinia through savings on its energy bill and more importantly will have significant contribution on reducing CO2 emissions from reductions on coal, fuel oil and distillates burning.
The LNG project that Sardinia LNG is developing is fully in line with the Italian National Energy Strategy (“SEN”) for the “methanization of Sardinia”. The Sardinia LNG parties are planning to have the LNG facility ready for operations by 2020 and look forward to the timely completion of the SNAM/SGI pipeline in order to supply not just Cagliari but the full Sardinian territory from the terminal.
The terminal will offer various services:
In summary, the LNG terminal would complement renewable energy to offer affordable, reliable and clean energy to Sardinian residents and industries.
The Parties which have started the project carried forward by Sardinia LNG are:
ISGAS, the wholly owned subsidiary of Meditteranea Energia srl, which is in turn a part of the Conscoop Group has constructed and operates the gas networks in the municipalities of Nuoro, Oristano, Cagliari, Quartu, Quartucciu, Settimo, Monserrato and Sinnai. It has constructed over 900km of networks, of which over 600km are fully connecting the metropolitan area of Cagliari.
It has invested roughly 100 million euros of private funds in Sardinia. All of the networks which have been constructed by ISGAS are compatible with natural gas, since methane is automatically interchangeable with propane-air mixtures.
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes. Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 18m m³ of oil storage across six continents, 480,000 barrels per day of refining capacity and 5,000 service stations across Africa, Australia, Asia and Europe. Revenues in 2017 were $181 billion. Vitol traded 7.4 million tonnes of LNG in 2017.
Comoil SA is a Swiss company established in 1973 to invest and trade in the oil and gas sector.
Cosin srl. is an engineering company with its headquarters in Sardinia. It is specialised in the Oil & Gas sector.