VTTI, a Vitol energy storage unit, is reportedly on the verge of acquiring a majority share of Italy’s largest liquefied natural gas (LNG) import terminal from Exxon Mobil and QatarEnergy, Reuters reported on Tuesday.
The deal, which could value the terminal at approximately €800 million ($868 million), would position VTTI in the European LNG market, which is seeing increased LNG flows to Italy.
Last year, Exxon Mobil, which holds a 70.68 per cent stake in the Adriatic LNG terminal, decided to sell its interest as part of a strategy to offload non-core assets. while QatarEnergy holds a 22 per cent stake in the terminal.
Snam, which currently holds a 7.3 per cent stake in the terminal, has 45 days to decide on buying more if the sale goes through.
The CEO of Snam indicated that the company could raise its stake to 30 per cent, enhancing its control over this strategic asset. Unexpected developments in VTTI’s acquisition attempt are possible.
After BlackRock withdrew from exclusive acquisition talks in December, VTTI got another chance to purchase the asset.
The Adriatic LNG terminal, located off the Veneto coastline, can regasify 9 billion cubic metres of natural gas annually and is the only Italian terminal capable of receiving super-large-scale LNG vessels.
