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Snam in talks to purchase LNG terminal stake

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LNG Industry,


Reuters are reporting that Italian gas group Snam is in talks with EDF's Italian unit Edison to buy a stake in an LNG terminal in northern Italy as part of plans to develop its LNG business.

Snam, controlled by state lender Cassa Depositi e Prestiti, is hoping to purchase Edison's 7.3% stake in Terminale LNG Adriatico and the gas pipeline that connects it to Italy's gas transmission backbone.

Adriatic LNG, which has a capacity of 8 billion m3 per year, is 70.7% owned by ExxonMobil and 22% by Qatar Petroleum. Exxon and Qatar have a pre-emption right on Edison's stake.

Edison announced in June that talks were under way to sell the stake and pipeline as well as two offices in Milan hosting its headquarters.

Snam, which makes most of its money from gas transmission, is looking to play a leading role in integrating Europe's grids and making Italy a European gas hub.

In its March business plan it said it would be looking at opportunities to grow its LNG infrastructure business.

Read the article online at: https://www.lngindustry.com/liquefaction/22062017/snam-in-talks-to-purchase-lng-terminal-stake/

 

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