Italy’s Adriatic LNG Will Enter New Management

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Adriatic LNGItaly’s Adriatic LNG terminal is set to enter new ownership after asset manager IKAV and Rotterdam-based energy infrastructure firm VTTI agreed to acquire a majority ownership in the terminal.

Under the deal, ExxonMobil will sell its 70.7% stake in the Adriatic LNG terminal as part of a strategy to divest non-strategic assets and focus efforts on doubling its LNG production by 2030 globally.

The terminal has a technical regasification capacity of 9.6Bn m3 of natural gas per year (about half of Italy’s current LNG import capacity), supplying approximately 14% of the country’s national consumption of natural gas.

More land-based terminals are expected to be commissioned to satiate Europe’s gas demand. Italy is the second largest gas consumer in the EU.

Construction of new terminal 

This week, partners in Germany’s Stade–Hanseatic Energy Hub GmbH announced they have secured financing and will move ahead with the construction of a new 13.3Bn m3 LNG terminal.

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Source : Riviera