Snam in the share capital of OLT (Offshore LNG Toscana)
26 Sep 2019 - ConferenzaGNL
Snam and the Iren Group (multi-utility of Turin, Genoa, Reggio Emilia, Parma and Piacenza) have reached an agreement for the sale to Snam of 49.07% of the share capital of OLT, the company that has built and manages the offshore regasification terminal (FSRU – Floating Storage and Regasification Unit) located about 22 km off the Tuscan coast between Livorno and Pisa.
The value of the share acquired by Snam is approximately 400 million euros. Following the completion of the acquisition, OLT will be jointly controlled by Snam and First State Investments and the shareholding will be composed as follows: Snam 49.07%, First State Investments 48.24%, Golar LNG 2.69%. The agreement must be evaluated by the antitrust authority but no problems are expected due to the regulated nature of the plant, to which all LNG operators can access with transparent procedures.
With a maximum annual regasification capacity of 3.75 billion cubic meters, OLT is the second-largest liquefied natural gas (LNG) terminal in Italy, with a RAB (Regulatory Asset Base) of approximately 760 million euros at December 31 2018. OLT achieved revenues of € 112 million in 2018 and an EBITDA of around € 65 million.
The joint press release of Snam and Iren confirms the commitment to offer cargo services and small-sized LNG tankers “by promoting the penetration of liquefied natural gas as a fuel for sustainable maritime and road transport“. The authorization procedure for this service has received the go-ahead from the Tuscany Region and from the conference of the services at the Ministry of Economic Development and is now being assessed the subjection to the VIA (environmental impact assessment) at the Ministry of the Environment.
Once the authorization process is completed, it will take about a year for the technical adaptation of the plant, which today can only receive LNG from large LNG carriers. The supply service of LNG tankers is not yet carried out by any other terminal in the Mediterranean.
Fonte: press release Snam