VTTI and Snam have completed the acquisition of shares in Terminale GNL Adriatico (Adriatic LNG), the company that owns the liquefied natural gas (LNG) regasification terminal operating in the waters off Porto Tolle, Italy.
The transaction follows Snam and VTTI’s announcements earlier this year, where VTTI signed an agreement to acquire a majority stake in the company. In this context, Snam exercised a pre-emption right to increase its stake in Adriatic LNG from 7.3% to 30%. The two companies now own 70% and 30% of Adriatic LNG respectively, and the transaction has been finalised following the completion of necessary regulatory approvals.
Guy Moeyens, CEO of VTTI says: ‘Together with Snam, we can provide financial strength, operational efficiency, market access and future-proof infrastructure to leverage this asset even further as an important secure and reliable energy source for Italy and other European markets.’
