Snam acquires stake in Italy’s Offshore LNG Toscana from Igneo

Italy’s natural gas grid operator Snam has acquired a 48.2% stake in Offshore LNG Toscana (OLT) from UK-based Igneo Infrastructure Partners, the Italian firm announced on December 11.

The deal to acquire Igneo’s full stake in the floating storage and regasification unit (FSRU) located off the western coastal city of Livorno comes at a cost of €126mn ($148mn).

The acquisition is expected to be completed in the first half of 2026, upon completion of necessary regulatory reviews. Once the deal is closed, it will give Snam a 97.3% stake in the FSRU.

OLT began operations in 2013. With an annual regasification capacity of about 5bn cubic metres, the FSRU plays a key role in Italy’s energy security supplying about 8% of the country’s total demand. The FSRU was expanded in 2024, increasing its previous capacity of 3.75bn cubic metres.

“Liquefied natural gas is now fundamental to diversifying Italy’s energy supply routes,”  Snam CEO Agostino Scornajenchi said in a statement.

“As of the end of November 2025, LNG imports reached 18.7 bcm, covering about one third of national consumption, with 205 vessels arriving from more than ten countries. This acquisition reinforces Snam’s leadership in the LNG sector, which is essential to ensuring energy security in an increasingly uncertain global environment,” Scornajenchi added.

Snam has indicated that it will fund the acquisition with existing financial flexibility.

Snam owns three LNG facilities, namely Panigaglia LNG, Italis FSRU, and BW Singapore FSRU. It also acquired a 30% stake in Adriatic LNG in December 2024. Adriatic LNG is the country's largest facility, which will boast a production capacity of 10.4bn cubic metres per year upon completion of its expansion in the first quarter of 2026.