VTTI and Snam, prominent leaders in energy infrastructure, have completed the acquisition of shares in Terminale GNL Adriatico S.r.l., the owner of Italy’s largest liquefied natural gas regasification terminal, located offshore Porto Tolle (Rovigo).
The transaction follows VTTI’s initial agreement, announced on 3 April 2024, to acquire a majority stake in Adriatic LNG. Snam exercised its pre-emption rights during this process, increasing its ownership from 7.3 percent to 30 percent. VTTI now holds the remaining 70 percent stake, with the deal finalised following regulatory approvals.
As part of the new structure, Alexandra Thomas has been appointed CEO and Alessandro Conta COO of Adriatic LNG.
- Alexandra Thomas joins from Neptune Energy, where she served as managing director for Egypt. She has held leadership roles at Statoil, Shell, Vattenfall, and Tullow Oil, with extensive experience managing operations across Europe and Africa.
- Alessandro Conta brings expertise from Snam Rete Gas, where he managed complex oil and gas systems and infrastructure.
Strategic Importance
The Adriatic LNG terminal is vital for ensuring energy security and diversification for Italy and Europe. LNG currently accounts for 25 percent of Italy’s gas consumption, with Adriatic LNG supplying over 8 billion cubic meters to the national grid in the first 11 months of 2024—representing 15 percent of Italy’s total consumption.
Guy Moeyens, CEO of VTTI, highlighted the strategic alignment of Adriatic LNG with VTTI’s global energy transition goals:
“Facilitating LNG import and distribution aligns with VTTI’s strategy to support the energy transition and secure supply. Together with Snam, we will leverage this asset as a secure and reliable energy source for Italy and Europe.”
Stefano Venier, CEO of Snam, emphasised the transaction’s impact on Italy’s energy landscape:
“This milestone enhances diversification and security in Italy’s energy supply chain. With a 30 percent stake in Adriatic LNG, Snam reinforces its position as a key player in Europe’s LNG regasification market, contributing to critical energy infrastructure for the nation.”
VTTI’s Energy Transition Strategy
Adriatic LNG marks VTTI’s second major LNG regasification terminal investment, following its 50 percent stake in Dragon LNG in the UK. This move aligns with VTTI’s Strategy 2028, which focuses on transitioning half of its earnings to sustainable and transitional energy sources, including renewable natural gas, hydrogen infrastructure, and LNG regasification.
Snam’s Expanding LNG Portfolio
The acquisition bolsters Snam’s presence in the LNG sector, complementing its stakes in Italy’s other key terminals:
- Panigaglia Terminal (La Spezia) operational since 1971.
- OLT FSRU Toscana offshore Livorno, active since 2013.
- FSRU Italis LNG (Piombino), operational since July 2023.
- BW Singapore FSRU, set to begin operations in 2025 near Ravenna.
Combined, these facilities will expand Italy’s regasification capacity to 28 billion cubic meters annually, equalling the volume of gas imported via pipelines from Russia pre-2021.
A Vital Contributor to Italy’s Energy Mix
Adriatic LNG remains Italy’s third-largest source of gas imports, following pipelines from Algeria and Azerbaijan. With the enhanced partnership between VTTI and Snam, the terminal is set to play an even greater role in supporting Italy’s energy security and facilitating its transition to cleaner, diversified energy sources.
For more information visit www.vtti.com
