First German Land-Based LNG Terminal Set for Construction [Financial Post (Toronto, Ontario, Canada)]
ENAGAS SA UNSP/ADR (ENGGY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Construction on Germany's first permanent liquefied natural gas terminal is due to start within a few weeks, after a final investment decision was made on the project. Total investment in Hanseatic Energy Hub GmbH's plant in Stade — near Hamburg — now amounts to around €1.6 billion ($1.8 billion), with €1 billion for construction costs, according to Arturo Gonzalo, chief executive officer of Enagas SA, which will operate the facility. The Spanish gas grid company also increased its stake in the venture to 15% from 10% previously, he said at the firm's annual general meeting. Article content Article content HEH last year estimated the planned investment volume at around €1 billion. The project underlines Germany's commitment to LNG after the energy crisis forced Europe's biggest economy to wean itself off Russian pipeline supplies. The facility
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