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Relations with other investee companies


HERA TRADING continues to hold shares in GALSI S.p.A. The company is currently working on preparing the executive gas pipeline project and its compression and measurement stations, as well as on acquiring the necessary permits.

During 2010, the executive project of the works was almost completed and authorisation procedures  are almost complete.

The priority allocation for 100% of the capacity for a 25 year period has already been obtained, the EIA-related activities were completed successfully and the relative decree is about to be published. We believe that the procedure for obtaining the Single Authorisation can be completed within June 2011.

During the summer, the process for selecting contractors for the construction of the infrastructure was begun and is now at a very advanced stage.

In June, Shareholders, after assessing the impossible completion of the Target Activities within 30 June 2010, approved in the Shareholders’ Meeting, the proposal to postpone the term for the approval of the Final Investment Decision to 31 December 2010. Following this, in December the shareholders approved in the shareholders’ meeting a further extension to 30 April 2011.

The project was then included by the European Union amongst the strategic projects and was awarded a contribution of Euro 120,000,000 as part of the European Recovery Plan.

In January 2010 the first portion of the Euro 10,000,000  was paid and in September the second portion of Euro 14,000,000 was paid in relation to the last share capital increase of Euro 24,000,000 decided in 2009.

During 2010, the shareholding structure was unchanged:

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



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 exchange point and, since October 2008, it is fully operating for modulated supplies at REMI. During 2010, operations further increased, also through the direct participation to the commercial activity at the Baumgarten Hub.