Three partners to invest €1 billion in Dunkirk LNG Terminal

30/06/2011 00:35 Natural Gas

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The French energy giant EDF has announced that, alongside two partners-the French major Total and Fluxys of Belgium it has decided to invest in a €1billion ($1.44billion) project to develop a new liquefied natural gas (LNG) terminal in northern France, at Dunkirk.

Under this agreement, the ownership of the joint venture will be shared between the three companies, with EDF holding a 65% majority. Oil giant Total will hold a 10% interest and the remaining 25% will be held by Belgian gas company Fluxys. The trio also signed a commercial agreement allowing Total to reserve up to 2 billion cubic meters a year of storage and regassification capacity from Dunkirk LNG. The project is planned to come on stream until the end of 2015 and will have a yearly production capacity of 13 billion cubic meters, enabling the increase of the import capacity for LNG in France by nearly 20%.

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