Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Adriatic LNG, an Italian company owned by affiliates of ExxonMobil (45%), Qatar Terminals (45%) and Edison (10%), has announced the creation of 120 new jobs by the end of December 2008. The company will operate an offshore LNG (liquefied natural gas) receiving and re-gasification terminal that will be located in the northern Adriatic Sea.
The terminal will be operative in the first months of 2009; 80% of the terminal capacity is reserved for LNG supply from RasGas (LNG producer in Qatar) to Edison, under a 25-year Sales and Purchase Agreement. The remaining 20% will be made available to third parties according to procedures established by Italian authorities. The terminal should serve to diversify Italian gas imports and increase import competition. Moreover, the terminal should begin an important driving force to the area’s economic development, offering local businesses an opportunity to increase their visibility, both nationally and internationally.
The Adriatic LNG terminal, with start-up planned in 2008, is listed among the “strategic projects for the country’s modernisation and development” and is in the list of European common interest projects which defines a set of guidelines concerning trans-European energy networks. Moreover, this project has also been identified by the Authority for Electric Energy and Gas and by the Guarantor Authority for Competitiveness and Market as an essential element to improve the competitiveness of the Italian natural gas market.
Eurofound (2008), Adriatic LNG, Business expansion in Italy, factsheet number 67111, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67111.