Brief: Petrolina Holdings: Creation of consortium
22/06/2016 14:57
June 22 (Reuters) - Petrolina Holdings Public Ltd PHL.CY :
* Reported on Tuesday that enters into a shareholders'
agreement with Hellenic Petroleum Cyprus Ltd, Intergaz Ltd and
Synergas Ltd for the creation of a consortium in the form of a
limited liability company under the proposed name Vassiliko LPG
Plant Ltd (VLP)
* The aim of VLP is to construct a liquid gas terminal on
land granted for this purpose by the Government to the
shareholders of the consortium within the Vassilikos Industrial
* and Energy Area
* The capital expenditure required for the construction of
the project is estimated at approximately 23 million euros
($25.99 million) and will be financed via a combination of own
funds of the shareholders and a bank loan
* The time required for the construction of the terminal is
estimated at 24 months from the date of obtaining all required
permits
* Under the shareholders' agreement, PHL will own 35% of the
share capital of VLP, while management will be exercised on a
equal basis by its four shareholders
Source text: http://bit.ly/28M8Iwa
Further company coverage: PHL.CY
($1 = 0.8848 euros)
(Gdynia Newsroom)
((Gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))