Snam e Vtti, a Dutch company and global leader in independent energy storage, have officially Adriatic Lng acquisition completed, the largest liquefied natural gas (LNG) regasification terminal in Italy, located off the coast of Porto Tolle (Rovigo). Vtti now holds 70% of the shares, while Snam has increased its stake to 30%, consolidating its role in the LNG sector.
The transaction follows the April 3, 2024 announcements by Vtti and Snam following the signing by Vtti of the agreement to acquire a majority stake in the company. The company, led by Stefano Venier, exercised a right of first refusal to increase its stake from the original 7,3% to 30%. After the green light from the regulatory authorities, the new governance has seen the appointment of Alexandra Thomas (CEO) and Alexander Counts (Coo), who will lead Adriatic Lng towards new goals.
Ambitious goals for the energy transition
Vtti has integrated Adriatic LNG into its growth strategy, which aims to diversify its global energy infrastructure portfolio, with a focus on sustainable sources. By 2028, the company aims to generate 50% of its revenue from renewable energy and innovative solutions such as ammonia and hydrogen. Adriatic represents the second LNG terminal in the Dutch company's portfolio after Dragon LNG in the United Kingdom, in which it owns 50%.
Snam, for its part, continues to strengthen Italy's energy security. The company now holds stakes in all of the country's regulated terminals, including the Panigaglia (La Spezia) terminal, operational since 1971, the Olt Fsru Toscana terminal (Livorno), operational since 2013, and the Fsru Italis Lng (Piombino), operational since July 2023. Overall, these plants guarantee a regasification capacity of approximately 23 billion cubic meters, contributing to meet 25% of national gas consumption through LNG. The strengthening of regasification capacity, which will reach 28 billion cubic meters by 2025, represents a crucial step towards Italy's energy independence.
The strategic importance of Adriatic Lng
Adriatic Lng has fed into the network over 8 billion cubic meters of natural gas in the first 11 months of 2024, equal to 15% of Italian consumption, highlighting a c3% growth compared to the previous year. This terminal is the tthird source of supply for Italy, after Algeria and Azerbaijan, and represents a pillar for the diversification of supplies.
With this operation, Vtti and Snam reaffirm their commitment to ensuring safety and sustainability in the national and global energy landscape.
"Facilitating the import and distribution of LNG is in line with Vtti's strategy to support the global energy transition and ensure security of supply. Together with Snam, we can offer financial strength, operational efficiency, access to markets and cutting-edge infrastructure to further enhance this asset as a secure and reliable source of energy for Italy and other European markets," said Guy Moeyens, CEO of Vtti.
“This operation represents a further key step for the diversification and security of energy supplies to Italy”, commented Stefano Venier, CEO of Snam. “The 30% stake in Adriatic Lng and our operational role in the company underline the relevance of our LNG portfolio in the European energy context, where Snam is now the third operator in terms of regasification capacity. Together with Vtti we will ensure the optimal management of a key energy infrastructure for the country”.
