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.

About Snam

Snam is Europe’s leading operator in natural gas transport, with a network of approximately 38,000 km in Italy and abroad. The company also deals with storage, of which it holds more than 17% of the European capacity, and regasification, with 13.5 billion cubic meters of gas per year that will rise to 18.5 billion cubic meters to 2025 thanks to the plant in Ravenna. Its medium-long term ambition is to develop and consolidate a system of energy infrastructure for a sustainable future, positioning itself as a multi-molecule operator at national and european level, focusing on innovation and enhancing the role of gas as a transition vector. Snam is among the leading Italian listed companies by market capitalisation.