BAKU, Azerbaijan, April 4. Snam has decided to use its pre-emption right to boost its ownership in Terminale GNL Adriatico S.r.l. from 7.3 percent to 30 percent, Trend reports.
According to Snam, the decision to exercise this right came after VTTI, a Dutch energy storage and infrastructure firm, signed an agreement to acquire a majority stake in the company.
The transaction is expected to close by the end of 2024, pending necessary regulatory approvals. After completion, VTTI will hold 70 percent of Adriatic LNG's corporate capital, with Snam holding the remaining 30 percent.
In this plan, Snam aims to strengthen Italy's regasification infrastructure to improve energy security and diversify the country's energy sources. Currently, Snam has stakes in all regulated LNG regasification plants in Italy: the Panigaglia terminal near La Spezia, operational since 1971; the OLT FSRU Toscana off Livorno, operational since 2013; and the FSRU Golar Tundra in Piombino, operating since July 2023. These facilities have a combined regasification capacity of about 23 bcm.
As part of efforts to diversify gas supplies following the Russian-Ukrainian crisis, Snam acquired the floating and storage regasification unit BW Singapore. This unit will begin operations off the coast of Ravenna in early 2025. With this addition, Italy's total regasification capacity will increase to 28 bcm, evenly split between the Tyrrhenian and Adriatic coasts, matching the volumes imported from Russia via pipeline in 2021.
Terminale GNL Adriatico S.r.l. owns the Adriatic LNG regasification terminal located near Porto Viro (Rovigo), Italy. The Adriatic LNG terminal is Italy's biggest offshore facility for unloading, storing, and converting liquefied natural gas (LNG). It has a yearly regasification capacity of 9.6 bcm, which is roughly 14 percent of Italy's current gas needs.