InfraStrata Chief Steps Down

UK gas storage developer InfraStrata said June 26 that Anita Gardiner is stepping down from her position as director with immediate effect to pursue new opportunities.

InfraStrata lists Gardiner, along with Stewart McGarrity, as joint managing directors – although she joined only in 2014, one year after McGarrity who is presumed to have retained his position. Gardiner was business development manager for BP Gas Marketing across Europe prior to joining.  

Three weeks ago, the company called a general meeting will be held June 27 in London to discuss resolutions to replace all existing directors. Its board called on shareholders to vote against such resolutions – tabled by two outsiders who themselves want to replace the existing board. 

InfraStrata plans to develop the Islandmagee gas storage project near Belfast, of which it is currently 90% owner with 10% owned by Northern Ireland state-owned Mutual Energy. The plan is to develop 0.5bn m³ working storage capacity. The project has full planning permission but a final investment decision has yet to be taken, with £11mn ($14mn) already invested in the project. However in May, InfraStrata said it risked running out of cash by August and appealed for non-binding offers with regard to this £300mn project.

The closure announced last week by Centrica of Rough, the UK's largest gas storage facility, should make the Islandmagee project more bankable, but returns for all such projects have been in decline over recent years, as the spread between high winter and low summer gas prices has narrowed in the UK and on the continent.

Mark Smedley