Investors have increased focus on Italy’s LNG infrastructure this quarter as the fuel has increasingly taken centre stage in the country’s energy mix.
Italian shipbuilder Fincantieri has been at the forefront of LNG design in recent years and recently signed a contract to build an LNG dual-fuel RoPax ferry for the Sicilian Region. The ferry, with a length of about 140 meters and a capacity of 1,000 people and 200 cars, will serve routes between Sicily and the islands of Lampedusa and Pantelleria.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri, commented on the importance of this order, stating, "The strength of our project is, once again, technologies for reducing environmental impact, intercepting the needs of the energy transition."
Including a dual fuel engine powered by LNG or diesel, the ferry also features a photovoltaic system coupled with energy storage, allowing it to remain in port with zero emissions for approximately four hours.
President of Sicily, Renato Schifani stated, "We will improve the quality and safety standards of naval transport for Lampedusa and Pantelleria, with a modern ship that also guarantees great attention to respect for the environment." Italy's focus on reducing environmental impact and embracing cleaner energy sources is driving the adoption of LNG as a pivotal component in its energy transition.
Exxon divests
In a separate development, Exxon Mobil announced the sale of its majority stake in Italy's main LNG import terminal to global investment management firm BlackRock. The move is in line with Exxon's strategy to divest non-core assets and reflects the growing importance of LNG in Italy's energy mix.
Exxon’s stake stood at 70.7% of Adriatic LNG via its subsidiary ExxonMobil Italiana Gas, with QatarEnergy holidng a furhter 22% stake and state-controlled gas grid operator Snam holding 7.3%. The LNG import terminal is Italy’s largest and is located off the Adriatic coast in northern Italy.
It is believed that Snam will now raise its stake in Adriatic LNG to 30% to obtain governance rights on the LNG import terminal. New regasification terminals and greater LNG imports in Italy have been a focus of EU after the Russian invasion of Ukraine. It coincdides with the halt of Russia’s Nordstream gas pipeline.
