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Snam CEO invites EU clearance of Adriatic LNG deal

The chief executive of Snam invited on Tuesday the European Commission's green light for an offer for Italy's most significant liquefied gas (LNG). terminal, Adriatic LNG.

Earlier this year energy storage group VTTI accepted buy a. 70% stake in Adriatic LNG, with grid operator Snam increasing. its stake to 30% as ExxonMobil and QatarEnergy offered the. facilities.

The LNG terminal is about nine miles (15 km) off the Veneto. shoreline and has a regasification capability of 9 billion cubic. metres (bcm) of gas each year.

It is considered crucial infrastructure for Italy's energy. security after the import of LNG increased considerably to. replace the gas that utilized to flow via pipeline from Russia. before Moscow's invasion of Ukraine.

The Commission said on Tuesday it had authorized the. acquisition of joint control by Snam and VTTI, stating the deal. would not raise competitors concerns.

Snam CEO Stefano Venier said in a statement that the closing. of the transaction was expected at the start of December.

(source: Reuters)