Spanish LNG operator Gas Natural Fenosa dropped its plans to build an LNG import terminal in the port of Zaule in Trieste.
The project received an environmental permit in 2009, but very little has been done on advancing the project since then, Reuters reports.
In October last year, Gas Natural Fenosa sold its Italian companies and assets in two separate deals with 2i Rete Gas and Edison, totaling €1.02 billion ($1.2 billion).
With the sale of the assets, the company saw no sense in hanging on to the project, the company’s spokeswoman confirmed to LNG World News.
The Zaule LNG project initially envisioned an investment of €500 million in a facility capable of handling 8 billion cubic meters of natural gas per year.
However, the project faced obstacles and opposition and even suspension of its environmental permit in 2013 when the terminal was declared not compatible with marine traffic.