Snam to increase its stake in Adriatic LNG to 30%

Snam has exercised its pre-emption right to increase - from current 7.3% to 30% - its stake in Terminale GNL Adriatico S.r.l., the company that owns the Adriatic LNG regasification terminal operating in the waters off Porto Viro (Rovigo), Italy.
 
The pre-emption right was exercised following the signing by VTTI, a Dutch energy storage and infrastructure company, of the agreement to acquire a majority stake in the company.
 
The closing of the transaction is expected by the end of 2024 and is subject, among other things, to the necessary regulatory authorizations. Upon closing of the transaction, the corporate capital of Adriatic LNG shall be held by VTTI at 70% and Snam at 30%.
 
Located about 15 kilometres off the Veneto coast, Adriatic LNG’s terminal is Italy's largest offshore infrastructure for unloading, storage and regasification of liquefied natural gas (LNG), with an annual technical regasification capacity of 9.6 billion cubic meters, corresponding to about 14% of the current domestic gas demand.
 
Snam will guarantee greater resilience of Italy’s regasification infrastructures, with the aim of enhancing security and diversification of supply of the domestic energy system. To date, Snam indeed holds stakes in all the remaining regulated LNG regasification plants currently operating in the country: the Panigaglia terminal, in operation since 1971 near La Spezia, the OLT FSRU Toscana off Livorno, operational since 2013, and the FSRU Golar Tundra, operating in Piombino since July 2023, for a total regasification capacity of about 23 billion cubic meters.