Client Login | Contact us
Skip Navigation LinksHome > Services > LNG News > Show Detail News
Snam bought Edison’s shares in Adriatic LNG
2017/07/26
Snam has entered into definitive agreements with Edison for the purchase of 100% of the issued share capital of Infrastrutture Trasporto Gas (ITG) and a 7.3% quota of the capital of Terminale GNL Adriatico (Adriatic LNG).
Snam announced that it has entered into definitive agreements with Edison for the purchase of 100% of the issued share capital of Infrastrutture Trasporto Gas (ITG) and a 7.3% quota of the capital of Terminale GNL Adriatico (Adriatic LNG).
“This investment enables us to strengthen our infrastructure in Italy as well as exploit new synergies in the integrated management of the gas system, adding a significant pipeline to our network and connecting a strategic entry point that was not under Snam’s control,” said Marco Alvera, Snam’s CEO.
“The total consideration of the investment is equal to 225 million euro, subject to price adjustment at closing. Moreover, should Adriatic LNG sign new contracts for utilization of the terminal capacity, Snam will recognize to Edison a potential additional consideration under the form of an earn-out.”
The closing of the transaction is expected by the end of 2017 and, with reference to the participation in Adriatic LNG, remains subject to, inter alia, the non-exercise of pre-emption rights granted to the other current shareholders, Snam has reminded in its statement.
With an annual transmission capacity of 9.6 BCM, ITG is the third player in the Italian gas transportation market. It operates the 83.3-Km gas transmission pipeline which connecting the Adriatic LNG regasification terminal to the Italian gas transmission network in Minerbio and is a strategic entry point for the Italian natural gas market, according to Snam.
Operating since 2009, Adriatic LNG is the largest offshore gravity based structure for LNG unloading, storing and regasification and the largest LNG terminal in Italy, with long-term contracts guaranteed for approximately 80% of the capacity and medium-term contracts for approximately 12%, and a regasification capacity equal to round 8 BCM/Y, representing 50% of Italian LNG import capacity and over 10% of domestic gas consumption.
Following the Edison’s shares acquisition, shareholders of the Adriatic LNG will be: ExxonMobil 70.7%, Qatar Petroleum 22%, Snam 7.3%.

Source(s) GLNGI Staff, Snam, Image courtesy of Adriatic LNG