VTTI, a global leader in independent energy storage, has inked a deal to acquire 70% of Adriatic LNG, marking a significant move in its growth strategy. The remaining shares will be held by Snam S.p.A.
VTTI was given the opportunity to increase its shareholding in Adriatic LNG to 70%, which marks an important step in the company’s growth strategy. VTTI is making significant investments in LNG as part of its Strategy 2028, where the company aims to have at least 50% of its portfolio in transitional and clean energy infrastructure.
The demand for LNG is increasing in Europe. VTTI sees Adriatic LNG as a long-term investment that gives the company a strategic foothold in a very important energy market.
Both VTTI and Snam pledge to provide ongoing support to Adriatic LNG, enhancing the security of energy supply in Italy, which stands as the second largest gas-consuming country in the European Union.
“It is a testament to the importance and potential of this asset that Snam decided to increase their shareholding in Adriatic LNG. We look forward to working together with Snam, Europe’s leading operator in natural gas transport and existing shareholder in Adriatic LNG,” said Guy Moeyens, CEO of VTTI.
The transaction is slated to conclude in the latter half of 2024.
About Adriatic LNG
Adriatic LNG, which operates Italy’s foremost Liquefied Natural Gas (LNG) terminal in terms of regasification capacity and gas volumes supplied into the national distribution grid, plays a pivotal role in the country’s energy landscape. Situated approximately 15 kilometers off the Veneto coastline, the Adriatic LNG terminal contributes significantly to diversifying energy supplies, ensuring approximately 10% of Italy’s national gas consumption.
With VTTI’s acquisition of a 70% stake in Adriatic LNG, the collaboration between these industry leaders is poised to further enhance the terminal’s role in bolstering Italy’s energy security and advancing the transition to cleaner energy sources.
About VTTI
VTTI, driven by its purpose “Energy to Move Tomorrow,” specializes in developing critical energy infrastructure essential for transitioning towards a carbon-neutral future. Through safe operations, VTTI facilitates access to various energy sources, including fuels, chemicals, gases, and other energy-derived products, while also accelerating the adoption of sustainable energy solutions for its customers and partners globally.
Source VTTI