Petrofac Acquires Interest In UK Gas Storage Site

January 2011 Vol. 238 No. 1

Petrofac has acquired a 20% interest in Gateway Storage Company Limited to develop the Gateway Gas Storage project in the East Irish Sea.

Petrofac will join Gateway as the technical project operator, jointly responsible for developing the project, and will be represented on Gateway’s board.

The front end engineering and design (FEED) phase of the project is nearing completion and the focus is now turning to project execution and finalization of the consortium of storage capacity holders and investors to develop the project towards the final investment decision in 2011.

The Gateway Storage project would add nearly 30% to the gas storage capacity in the UK market.

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