VTTI has reached agreement with Snam to increase its shareholding in Terminale GNL Adriatico Srl (Adriatic LNG) to 70%. Adriatic LNG operates an LNG receiving and regasification terminal located some 15 km of the Veneto coast in north-east Italy. The terminal accounts for around half of Italy’s current LNG import capacity and supplies some 14% of national natural gas demand.
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. VTTI sees Adriatic LNG as a long-term investment that gives the company a strategic foothold in a very important energy market. The deal is expected to close in the second half of this year.