Terminal Name: Adria LNG > Project Overview

July 6, 2010: “We have not been formally notified by Adria LNG about a delay,” said Jerko Jelic Balta,
chief executive of Plinacro, according to a Reuters’ report. “Though it is true that gas demand
has fallen in Europe, and this has affected several major projects.”

Adria’s final investment decision, which is being developed by a consortium of E.ON
Ruhrgas (39.17%), OMV (32.47%), Total (27.36%), and Geoplin (1%), has been moved to
2013 from 2011 pushing the start date to 2016 or 2017, the news service reported.

Plinacro, Croatia’s state-owned gas pipeline operator, and the country’s state power
board, HEP, have formed a consortium to negotiate downstream infrastructure and markets
for the proposed Krk Island facility.

“The future of the terminal depends on whether its own gas price will be seen as
competitive,” Jelic Balta said.

E.ON Ruhrgas (39.17%), OMV (32.47%), Total (27.36%), Geoplin (1%)

Zagreb International Airport

May 13, 2010: On May 11, Croatian oil company, INA, a joint venture between the Hungarian state oil and gas company, MOL, electricity company, HEP, and gas supplier, Plinacro, announced that it has agreed to form a consortium called LNG Hrvatska to finalize the ownership of the proposed Adria LNG terminal, according to a report in the Austrian Times. Construction of the one billion Euro (US$1.27 billion) project is slated to begin next year.  

March 30, 2010: On March 26, the Croatian Ministry announced that Adria LNG, the proposed LNG regas terminal on Krk Island, is no threat to the environment. The investors, including E.ON-Ruhrgas, OMV, Total and Geoplin, view the announcement as a critical endorsement of the project’s viability.

December 30, 2009: Following RWE’s withdrawal in October from Croatia’s Adriatic regas terminal project, the remaining shareholders reapportioned their ownership. Now, E.ON-Ruhrgas owns 39.17%, OMV, 32.47%, Total, 27.36%, and Geoplin 1%. RWE states that it is now focusing on northern European terminal projects.

Russia’s Gazprom, Eni, GDF Suez, and EDF in early December announced preliminary memoranda of understanding (MOUs) for the South Stream pipeline that may push 60 bcm/y of gas from Central Asia through the region.

The 15 bcm/y Adria facility is planned for construction on the northern Adriatic island of Krk with operation beginning in 2014. The facility is intended to serve numerous central European countries, as Croatia consumes just 3.2 bcm annually.

December 10, 2009: The Adria LNG consortium announced that the project got a new shareholder's structure following the withdrawal of RWE back in October. The new shareholder’s structure transferred RWE’s 16.69% stake to the remaining shareholders, Reuters reported on Dec.10. The terminal will be built on the northern Adriatic island of Krk, which is planned to be on-stream in 2014. Construction of the terminal is scheduled to begin in 2011 following the conclusion of the final investment decision (FID).

Participating interests are affiliates of E.ON-Ruhrgas (39.17%), OMV (32.47%), Total (27.36%), and Geoplin (1%).

September 4, 2008: Croatian president Stjepan Mesic said that the island of Krk was the logical location for the proposed Adria LNG terminal.  The President noted that technical preparations should be made now. 

August 4, 2008: Croatia pushed back its envisioned startup date again, this time to 2014. The terminal is planned to have an initial capacity of around 10 billion cubic metres (bcm) of gas per year, which may be increased to 15 billion bcm eventually.