Snam signs exclusivity agreement for the potential acquisition of Higas and the conversion the Oristano LNG coastal storage facility into a FSRU
Snam has signed an agreement with the shareholders of Higas, the company that owns the LNG coastal storage facility in Oristano (Sardinia), to initiate a period of exclusive assessment and negotiation regarding the potential acquisition of 100% of the company’s share capital, as well as the expansion and conversion of the current coastal storage facility into a floating storage and regasification unit (FSRU).
Once finalized, the transaction would enable the injection of regasified natural gas from the future Oristano FSRU into the upcoming natural gas transmission network which will serve the industrial and thermoelectric districts in central-southern Sardinia, as well as end-users in the provinces of Cagliari, Oristano, Medio Campidano, and Sulcis Iglesiente.
The new FSRU would also support the supply of natural gas volumes necessary for the methanization of Sardinia, while increasing storage capacity by approximately ten times with respect to current levels.
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