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Relations with other investee companies



Hera Trading Srl still holds shares in Galsi Spa. The company is working on preparing the executive gas pipeline project and its compression and measurement stations, as well as on acquiring the necessary permits. In November the new intergovernmental agreement that specifies the obligations of the Algerian and Italian governments in detail for supporting the pipeline transport capacity authorisation, construction and management activities was finalised in Alghero. It also includes the environmental and tax aspects.

Also in November, Galsi Spa signed a Memorandum of Understanding (MOU) with Snam Rete Gas regarding the definition of the entry point (Cagliari), and assessments for reaching the definition of the final agreement concerning how to build the natural gas pipeline section part of the national transport network (Cagliari-Tuscany) were started.

The capital increase of Euro 25,000,000 previously decided in 2006 was initiated in 2007. Additional Euro 5,000,000 were paid in January 2008.

The shareholders’ meeting then passed a resolution in December 2007 for another capital increase of Euro 20,000,000.

The shareholding structure of this company is:

  • Sonatrach       36%
  • Edison Gas     18%
  • Enel Power     13.5%
  • Wintershall     13.5%
  • Hera Trading   9%
  • SFIRS            10%


Completion of the executive design of the gas pipeline is scheduled sometime in 2008, whereas completion of the authorisation procedures, the final investment decision and execution of the auctions are expected during the first six months of 2009.

Lastly, the work is scheduled to go into operation within 2011.


The joint shareholding of Hera Trading Srl and Vng-Erdgascommersz GmbH in the trading company Flame Energy, headquartered in Vienna, continues. In 2007 a capital increase to Euro 3,000,000 was started, previously decided by the shareholders’ meeting on 21 December 2006.

The company decided it would not employ its own staff, at least during the start-up stage, and avails itself of services rendered by its shareholders for its operations. It has been active in the wholesale trade of gas since September 2006, and became operational on the Italian market as well starting in October 2007 at the virtual point of exchange.


Hera Trading Srl continues to hold shares in Dyna Green Srl, a company whose purpose is research and development of opportunities to purchase and import gas from Libya on behalf of its shareholders. The company’s term is until 31 December 2010, its share capital is Euro 30,000, and its registered office is in Milan, Italy.

In June it paid in Euro 120,000 as shareholders’ loan going to a future capital increase.

The shareholding structure is:

  • Acea 33.33%
  • Dyna Network 33.33%
  • Hera Trading 33.33%