Snam increases its stake in Italy’s Adriatic LNG

Energy infrastructure company Snam has increased its stake in Italy’s Adriatic LNG regasification terminal operating in the waters off Porto Viro.

The company has exercised its pre-emption right to increase – from its current 7.3% to 30% – its stake in Terminale GNL Adriatico, the owner of the Italian LNG project.

Adriatic LNG is positioned around 15km off the Veneto coast. It is Italy’s largest offshore infrastructure for unloading, storage, and regasification of LNG, with an annual technical regasification capacity of 9.6 billion cubic meters.

Stefano Venier, CEO of Snam, said the operation strengthens Snam’s presence in LNG infrastructure, which is increasingly strategic for the security and diversification of Italy’s energy supplies.

He added, “We look forward to working together with VTTI to ensure continuous and world-class management of Adriatic LNG, which is fundamental for the Italian energy system, and to support its expansion projects.”

The closing of the transaction is expected by the end of 2024. Upon closing, Snam will own 30% and VTTI will own 70% of the operation.

Snam holds stakes in all the remaining regulated LNG regasification plants currently operating Italy: the Panigaglia terminal, FSRU Toscana, and Golar Tundra.

Additionally, Snam has acquired the floating and storage regasification unit BW Singapore, which will start activities off the coast of Ravenna in the first months of 2025. The total regasification capacity of the country will thus rise to 28 billion cubic meters.

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