Snam moves to take over sole ownership of Italy’s FSRU

December 12, 2025, by Melisa Cavcic

Italy’s energy infrastructure operator Snam has taken a step to buy the stake its partner, Igneo Infrastructure Partners, holds in Italy’s floating regasification terminal operator, OLT Offshore LNG Toscana, which runs a floating storage and regasification unit (FSRU) moored off the coast of Livorno.

FSRU Toscana; Source: OLT Offshore LNG Toscana

While announcing the agreement to acquire Igneo Infrastructure Partners’ 48.2% interest in OLT Offshore LNG Toscana, operating the FSRU Toscana offshore Livorno, Snam highlights that the total consideration of the acquisition, including its partner’s interest as well as the remaining part of the shareholder loan provided by the firm to OLT, is equal to approximately €126 million.

This acquisition is expected to be finalized within the first half of 2026, subject to customary regulatory approvals, including obtaining the necessary authorizations under applicable Italian antitrust and golden power regulations. Upon the closing of the transaction, Snam will hold a total stake of 97.3%, resulting in the consolidation of OLT in its financial statements.

Agostino Scornajenchi, Snam’s CEO, commented: “Liquefied natural gas (LNG) provides a key-contribution to the diversification of energy supplies to Italy. As of the end of November 2025, LNG imports in Italy reached 18.7 bcm, meeting approximately one third of overall domestic gas demand, with 205 vessels from more than 10 different countries reaching the five regasification terminals in the country.

“This transaction is therefore crucial in strengthening Snam’s leadership in the LNG business, which today plays a strategic role in guaranteeing Italy’s energy security. In a volatile and uncertain global context this allows Snam to significantly diversify natural gas supply routes and sources, ensuring flexibility and continuity of supply towards domestic and international markets, leveraging Italy’s strategic geographic position at the crossroads of the main gas flows to Europe.”

In operation since 2013, OLT is said to contribute to the security of the Italian energy system through the FSRU situated about 22 kilometers offshore Livorno with a total yearly capacity of around 5 billion cubic meters (bcm), increased in 2024 from the previous 3.75 bcm, and corresponding to around 8% of the country’s overall gas demand.

OLT has a 2025 Tariff RAB of about €700 million, an expected 2025 adjusted EBITDA, adjusted net income and net debt of respectively approximately €83 million, €25 million and €376 million. The implied transaction multiples are around 7.6x on 2025 adjusted EBITDA and 0.91x on 2025 Tariff RAB.

The transaction is expected to be financed by leveraging on Snam’s financial flexibility with neutral impact on its credit metrics. The company’s net profit average accretion from the acquired interest is anticipated at approximately €8 million per year over 2026-2029 period.

Gregor Kurth, Partner at Igneo, emphasized: “Since our initial investment in 2019, we have worked closely with the OLT management team to strengthen operations, expand the services offered, and advance the company’s growth.

“This has allowed OLT to assume today’s critical role in Italy’s energy security and sustainable energy integration path while delivering meaningful long-term value. We thank Snam for the trusted and aligned partnership over the past 7 years.”

This acquisition step comes after OLT Offshore LNG Toscana confirmed the country’s first attempt to establish a small scale liquefied natural gas (LNG) (SSLNG) service, achieved through a bidirectional LNG transfer at its FSRU.

Snam holds controlling or co-controlling stakes in all regulated LNG regasification terminals operating in Italy, including the Panigaglia onshore terminal (100% stake), operating since 1971 near La Spezia, the Adriatic LNG terminal (30% stake), operating since 2009 offshore Rovigo, the Italis FSRU (100% stake), operating since July 2023 offshore Piombino, and the BW Singapore FSRU (100% stake), operating since May 2025 offshore Ravenna.

The company recently took steps to initiate a period of exclusive assessment and negotiation for a potential acquisition of 100% of Higas’ share capital and the expansion and conversion of the current coastal storage facility into an FSRU.