Snam to acquire 49.07% of the share capital of OLT, and take joint control of the terminal with First State Investments
Snam and the Iren Group have signed an agreement related to Snam’s acquisition of the 49.07% stake in the share capital of OLT (Offshore LNG Toscana), the company which 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.
With a maximum annual regasification capacity of 3.75 billion cubic meters, OLT is the second-largest liquefied natural gas (LNG) terminal in Italy. Operating on a regulated regime, with a RAB (Regulatory Asset Base) of approximately EUR760 million (US$837.144 million) as of 31 December 2018, OLT achieved EUR112 million (US$123.369 million) in revenues in 2018, and an EBITDA of approximately (EUR65 million 71.5979 million).
The OLT terminal can be expanded further by offering loading and unloading services for small LNG carriers (small scale LNG), improving the penetration of liquefied natural gas as a fuel for sustainable maritime and road transport.
The closing of the transaction is subject to prior approval by the competent authorities (Antitrust authorization and ‘Golden Power’ authorization). After the acquisition is completed, 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%, and Golar LNG 2.69%.
