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3 April 2007 - Italian oil and energy group ERG has outlined plans to implement a 'multi-energy' focus through investments of €2.5bn ($3.3bn) between 2007 and 2010.
ERG said that, while 65 per cent of this fund will be driven into electricity production and gas, the company would also invest in renewable power generation such as wind energy. The strategic plan includes increasing market share in the wind energy sector from 5 per cent in 2005 to 20 per cent in 2010.
The plan also aims to consolidate ERG's 'multi-energy' positioning, through entry into the gas market, maintenance of the company's position in the refining sector, and growth of its presence in the fuel distribution sector via both agreements and joint ventures.
In the renewables segment, ERG is also making investments in its thermoelectric plants in Syracuse, Sicily, aimed at increasing the output capacity and efficiency of the site. These investments in electricity generation are being made in the hope that the group's overall share in the electricity generation market will increase from the present 2 per cent to 4 per cent in 2010.
In the gas market, ERG said that it anticipates beginning the import and marketing of natural gas through the construction of an LNG re-gasification terminal in partnership with oil giant Shell.
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