VTTI and IKAV enter agreement to purchase Adriatic LNG
Published by Oliver Kleinschmidt,
Editorial Assistant
Tanks and Terminals,
VTTI and IKAV have entered a consortium to acquire majority ownership of Terminale GNL Adriatico Srl, also known as Adriatic LNG, which operates the regasification terminal located 15 km off the coastline of Veneto region in Italy.
Adriatic LNG terminal has a technical regasification capacity of 9.6 billion m3/y of natural gas (equal to half of Italy’s current LNG import capacity), supplying approximately 14% of the country’s national consumption of natural gas.
Both VTTI and IKAV have a long-term strategic view on the terminal and aim to further explore growth opportunities in the country. VTTI brings operational knowledge of energy terminals and infrastructure, while IKAV contributes existing in-depth experience in the Italian energy market, as well as a long-term track record in managing and operating both renewable and conventional assets.
The consortium will ensure seamless operations and continuous support to Adriatic LNG, to enhance security of energy supply in Italy, the second largest gas consuming country in the European Union.
The closing of the transaction is expected in the 2H24.
Mizuho Securities acted as financial advisor to IKAV. Natixis Partners Iberia acts as financial advisor to the consortium. Natixis and Intesa Sanpaolo act as underwriters for the acquisition financing facility. Herbert Smith Freehills acts as legal advisor to the consortium.
Read the article online at: https://www.tanksterminals.com/terminals/02042024/vtti-and-ikav-enter-agreement-to-purchase-adriatic-lng/
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