Italy won’t use special powers designed to shield assets deemed of strategic value for the country in relation to Vitol-backed VTTI’s acquisition of Adriatic LNG, Italy’s biggest liquefied gas terminal, two sources with knowledge of the matter said.
The sources on Tuesday said Italy had cleared the path for the deal to go through by deciding not to use its ‘golden powers’ which allow the state to set conditions for a deal or block it altogether.
Earlier this year ExxonMobil and QatarEnergy agreed to sell their stakes in the Adriatic LNG terminal, with VTTI getting a 70% stake and Italian gas grid operator Snam increasing its holding to 30%.
Adriatic LNG will be the first operational LNG asset in the portfolio of VTTI, whose shareholders comprise global commodity trader Vitol, Australian investment manager IFM and Abu Dhabi National Oil Company (ADNOC).
The terminal is located about nine miles (15 km) off the northeastern Veneto region’s coastline and has a regasification capacity of nine billion cubic metres of natural gas per year.
Europe has increased LNG imports after Russia’s invasion of Ukraine in 2022 drastically curtailed gas coming through pipelines.
The deal is expected to value the entire terminal at around 800 million euros including debt, sources have previously said.
Source: Reuters.com