VTTI and Snam finalise acquisition of Adriatic LNG
Published by Jessica Casey,
Editor
LNG Industry,
VTTI and Snam, industry leaders in energy infrastructure, have completed their acquisition of shares in Terminale GNL Adriatico S.r.l. (Adriatic LNG), the company that owns the LNG regasification terminal operating in the waters off Porto Tolle (Rovigo), the largest in Italy.
The transaction follows Snam and VTTI’s announcements on 3 April 2024, 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.
In this new structure, Alexandra Thomas has been appointed as CEO and Alessandro Conta as COO of Adriatic LNG.
Alexandra joins Adriatic LNG from Neptune Energy, where she was most recently Managing Director for Egypt. Previously, she held roles of increasing responsibility at Statoil, Shell, Vattenfall, and Tullow Oil, including managing businesses in various countries across Europe and Africa.
Alessandro joins Adriatic LNG from Snam Rete Gas, where he gained extensive experience in operating Plants and Complex Systems across the Oil and Gas industry.
“Facilitating the import and distribution of LNG aligns with VTTI’s strategy to support the global energy transition and ensure security of supply. 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,” says Guy Moeyens, CEO of VTTI.
“This transaction marks a key-milestone towards further diversification and security of Italy’s energy supplies,” added Snam’s CEO, Stefano Venier. “The 30% stake in Adriatic LNG and our operational role in the company underscore our LNG portfolio’s relevance in the European energy context, where Snam is now the third largest operator for regasification capacity. We look forward to working closely with VTTI and ensuring optimal management of key energy infrastructure for the country.”
Read the article online at: https://www.lngindustry.com/regasification/06122024/vtti-and-snam-finalise-acquisition-of-adriatic-lng/
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