LONDON (Alliance News) - Infrastrata PLC said Wednesday that it submitted the front end engineering design study report from its Islandmagee gas storage project in Northern Ireland to the European Union.
The FEED report will now be reviewed by the EU, which in April granted the company EUR4.0 million to develop the project, a proposed salt cavern gas storage facility.
Meanwhile, having completed the FEED at the end of November, InfraStrata said it can now concentrate of completing the negotiations that are underway with three potential equity providers for the project.
Discussions are "detailed and advanced", the company explained; however there is still no certainty that any funding will be provided, it said.
Additionally, on Wednesday, InfraStrata said it has engaged engineering company Costain Group PLC to undertake a concept development study considering the technical implications of twinning the pipeline that runs between Northern Ireland and Scotland.
"There are no guarantees that it will be possible to twin the interconnecting pipeline at this stage and further details will be provided when possible," the company said.
Furthermore, it also engaged engineering firm Atkins to investigate and provide a concept development study on developing additional caverns on Islandmagee, in addition to the eight already planned.
InfraStrata shares were trading down 3.7% at 0.72 pence each.
Costain (COST)