06 July 2004 18:05 [Source: ICIS news]
EPDC has nominated E.On Engineering to undertake detailed engineering and contract supervision services, following a joint European Union (EU) and German public tendering process.
Appointment is dependent on shareholder approval but EPDC confirmed today that E.On has commenced work on the 1m-1.5m tonne/year capacity project.
EPDC said it hopes to start construction work in the third quarter this year and to commission the pipeline in sections. Full operations are scheduled for the second quarter of 2007. ?xml:namespace>
The common carrier pipeline will run some 400km (250 miles) from
Existing independent terminals in
The entire project is estimated to cost Euro200m ($246m), of which some Euro10m has already been spent, said EPDC. Subsidies will provide Euro45m of the capital cost. EPDC confirmed that Euro38m of the subsidies will come from the North Rhine Westphalia region of
Besides subsidies and shareholder investments, Fortis Bank Global Energy Group is providing Euro150m under a 10-year loan facility for construction and operation of the pipeline.
Shareholders in EPDC are: BASF, BP Refining and Petrochemicals, Celanese Chemicals Europe, DSM, Sabic Hydrocarbons, Sasol
Within the next six months, EPDC will publicly advertise and invite new investors to join the company as shareholders, as part of the public-private partnership process.
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