VTTI and Snam have completed their acquisition of shares in Terminale GNL Adriatico (Adriatic LNG), the company that owns the LNG regasification terminal operating off Porto Tolle (Rovigo).
This transaction follows Snam and VTTI’s announcements last April, when VTTI signed an agreement to acquire a majority stake in the company.
At the same time, 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 now been finalised, following the completion of necessary regulatory approvals.
As a result, Alexandra Thomas was appointed as CEO and Alessandro Conta as COO of Adriatic LNG.
Thomas joined Adriatic LNG from Neptune Energy, where she was most recently Managing Director for Egypt.
Previously, she held roles at Statoil, Shell, Vattenfall and Tullow Oil, including managing businesses in various countries across Europe and Africa.
Conta arived 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,’’ said Guy Moeyens, VTTI CEO.
“This transaction marks a key milestone towards further diversification and security of Italy’s energy supplies”, Snam’s CEO, Stefano Venier, added. “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,” he said.
