16th Oct 2013 12:52
LONDON (Alliance News) - Infrastrata PLC Wednesday said its Islandmagee Project in Ireland has been granted "Project of Common Interest" status by the European Commission, meaning it must be given priority and quick passage by relevant Member States in the permitting process, and cooperation in its development. .
The oil exploration and gas storage company said the GBP400 million gas storage project is now recognised by European authorities as a beneficial project to the wider European area, and therefore it is eligible to apply for significant financial support from the EU in the form of direct grant or other forms of financial backing from institutions such as the European Investment Bank.
The Islandmagee project is being developed in a joint venture between InfraStrata plc as lead partner, and local energy infrastructure company Mutual Energy.
Infrastrata shares were up 12.6% to 12.25 putting it in the top ten AIM movers Wednesday.
By Tom McIvor; [email protected];
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