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Relations with other investee companies

Galsi Spa

Hera Trading continues to hold shares in Galsi S.p.A., the company is still working on preparing the executive gas pipeline project and its compression and measurement stations, as well as on acquiring the necessary permits. During 2009, the executive project of the works was almost completed and authorisation procedures and exemption request from Third Party Access (TPA) was submitted. In spite of the fact that destination of a compression plant in the municipality of OLBIA is still unsettled, it is deemed that the Comprehensive Authorisation could be obtained within September 2010.
In April, Shareholders, after assessing the impossible completion of the Target Activities within 30 June 2009, approved in the General Meeting, the proposal to postpone the term for the approval of the Final Investment Decision to 30 June 2010.
The contract with the Financial Advisor (Citigroup and Intesa San Paolo) was signed at the beginning of February 2009.
Agreements regarding transportation carried out by the Company for Shippers, as well as the structure of the financial model by the Financial Advisor are being defined.
To day, the decision of FID is still officially fixed within June 2009, and the first gas during 2012. The project was included by the European Union amongst the strategic projects and was awarded a contribution of Euro 120,000,000 within the European Recovery Plan.
The last portion of Euro 10,000,000 was paid by Shareholders for the capital increase, amounting to Euro 20,000,000, as per resolution passed in 2008.
Always during 2009, a further capital increase was decided for a total amount of Euro 24,000,000, with payment of the first portion of Euro 10,000,000 in January 2010. After the exit from the Company of Wintershall and Progemisa occurred in 2008, the shareholding remained unchanged:

  • Sonatrach 41.6%
  • Edison Gas 20.8%
  • Enel Power 15.6%
  • Hera Trading 10.4%
  • SFIRS 11.6%


Flame Energy Gmbh

The joint shareholding of Hera Trading and VNG-Erdgascommersz GmbH in the trading company Flame Energy, headquartered in Vienna, continues. The company has up to now decided it would not employ its own staff and avails itself of services rendered by its shareholders for its operations. It has been active in the wholesale trade of gas since September 2006, and became operational on the Italian market as well, starting in October 2007, only at the virtual point of exchange and, since October 2008, it is fully operating for modulated supplies at REMI. During 2009, operations further increased, also through the direct participation to the commercial activity at the Baumgarten Hub.

Dyna Green Srl

Hera tradiong continues to hold shares in Dyna Green, a company whose purpose is research and development of opportunities to purchase and import gas from Libya on behalf of its shareholders. The company’s term is until 31 December 2010, its share capital is euro 30,000, and its registered office is in Milan, Italy. In may, Shareholders made a payment of euro 225,000 to finance a future share capital increase (Euro 75.00 for Hera Trading).

The shareholding structure is:

  • Acea 33.33%
  • Dyna Network 33.33%
  • Hera trading 33.33%.  
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