LONDON (Alliance News) - Infrastrata PLC on Monday said that it signed a contract with engineering company Costain Group PLC to carry out the surface element of the Front End Engineering Design of the Islandmagee Gas Ltd storage project in Northern Ireland.
The Islandmagee gas storage project is a proposed salt cavern gas storage facility located on Islandmagee in county Antrim, Northern Ireland. InfraStrata believes that the proposed 500.0 million cubic metres gas cavern storage facility will provide over 25% of the UK's gas storage once constructed. The company said it already invested GBP11.5 million in the project to date.
The gas company said that Costain will begin the work immediately to enable InfraStrata to carry out the surface element of the project this year and within the rules, and timescales of the EU funding grant.
Infrastrata also said that it identified a contractor for these elements and plans to conclude the agreement shortly.
"We are delighted to confirm that we have now signed this key contract with Costain, who have been immensely supportive in helping us to reach this significant milestone in the development of the salt cavern gas storage facility in Islandmagee, Northern Ireland," said Chief Executive Adrian Pocock.
Shares in Infrastrata were trading 2.8% lower at 0.26 pence per share on Monday afternoon.
Costain (COST)