Enel shares benefit: Enel wants to revive Italian LNG project

“Enel believes it makes sense for the country to have two additional LNG terminals if it wants to become less dependent on gas pipelines,” said a company spokesman. Enel is ready to pursue its LNG project in Porto Empedocle, Sicily, which has already been approved. It would have a capacity of 8 billion cubic meters a year.

According to the minister responsible, Roberto Cingolani, it could take 24 to 30 months to become independent of Russian gas. “We import 29 billion cubic meters of gas per year from Russia, which is 40 percent of our gas imports,” he said. “These need to be replaced.” Italy wants to get 15 to 16 million from other suppliers by the end of the spring.

In Milan, Enel shares then temporarily rose by 4.28 percent to 5.799 euros.

By Giulia Petroni

ROM (Dow Jones)

Image sources: 360b / Shutterstock.com, Flavio Lo Scalzo/Reuters