Latest news with #Snam
Reuters
12-05-2025
- Business
- Reuters
Italian ceramics billionaire Minozzi acquires 3% stake in Eni
MILAN, May 12 (Reuters) - Italian ceramics billionaire Romano Minozzi has emerged as a relevant shareholder in the Italian energy group Eni with a stake of just over 3%, regulatory filings showed on Monday. He held 3.095% of the company as of May 5, market regulator Consob said. Minozzi, one of the founders of multinational group Iris Ceramica, currently serves as president of the privately-owned group. The entrepreneur, who has a net worth of $1.8 billion according to Forbes, also owns 7.4% of gas grid group Snam ( opens new tab. A 3% stake in Eni is worth 1.2 billion euros ($1.33 billion) at current market prices. ($1 = 0.9008 euros)
Reuters
08-05-2025
- Business
- Reuters
Italy's Snam posts 8% rise in first-quarter core profits
MILAN, May 8 (Reuters) - Italy's gas grid group Snam ( opens new tab, which recently acquired a stake in Germany's fuel operator Open Grid Europe, reported on Thursday an 8% annual rise in its first-quarter adjusted core profit. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 761 million euros ($859 million) in the period, almost in line with an average estimate of 756 million euros in a Reuters poll of analysts. Next week Snam shareholders are expected to vote for the appointment of Agostino Scornajenchi, a former top manager at power grid company Terna ( opens new tab, as chief executive, replacing Stefano Venier who ends his three-year stint this month. ($1 = 0.8859 euros)
Reuters
17-04-2025
- Business
- Reuters
Italy picks former Terna CFO Scornajenchi to run gas grid group Snam
MILAN, April 17 (Reuters) - The Italian government has chosen a former top manager of power network company Terna ( opens new tab, Agostino Scornajenchi, to succeed Stefano Venier as CEO of gas grid group Snam ( opens new tab, state lender Cassa Depositi e Prestiti (CDP) said on Thursday. Prime Minister Giorgia Meloni's right-wing administration controls Snam through CDP. Venier was appointed when the previous government led by Prime Minister Mario Draghi was still in power. Scornajenchi, who served as Terna's chief financial officer for six years until November 2023, currently heads the venture capital division of CDP. Snam's shareholders are expected to approve CDP's proposal at a meeting on May 14. Under Venier, who served a three-year mandate, Snam helped reduce Italy's dependence on Russian gas by setting up two new liquefied natural gas (LNG) terminals and boosting supplies from North Africa and Azerbaijan. Venier also clinched a deal with Edison to buy three gas storage sites and started work to boost the network's transport capacity from southern to northern Italy to increase the flexibility of the national gas infrastructure. Snam is a partner of energy major Eni ( opens new tab in Italy's first carbon capture and storage project and has won the support of the European Commission for building a grid to transport green hydrogen to northern Europe. The group - which derives the bulk of its profit from regulated activities including gas, LNG transport and storage management - posted a 14% yearly increase of its adjusted core profit last year to 2.75 billion euros ($3 billion). ($1 = 0.8800 euros)
Yahoo
11-04-2025
- Business
- Yahoo
BW Singapore regasification unit to start operations in May
The BW Singapore floating regasification unit, moored 8.5km off Punta Marina in eastern Italy since 28 February, is set to commence operations in early May, enhancing Italy's gas capacity. The first US liquefied natural gas (LNG) cargo arrived on 3 April, marking the start of commissioning activities. The BW Singapore regasification unit, similar to the Italis LNG terminal in Piombino, boasts an annual regasification capacity of 5 billion cubic metres (bcm). The unit, acquired by Snam in July 2022, can function both as a floating storage regasification unit (FSRU) and as a carrier for LNG transport. Upon operation, Italy's total regasification capacity will increase to 28bcm annually, matching the volume imported from Russia in 2021. This capacity will cover 45% of Italy's domestic gas demand, offering diverse supply routes and mitigating geopolitical tensions. Snam CEO Stefano Venier confirmed the operational readiness during a visit to the offshore terminal by Environment and Energy Security Minister Gilberto Pichetto Fratin and Emilia-Romagna Region President Michele de Pascale. 'With the entry into operation of the Ravenna terminal, we are adding another fundamentally important element to the process of securing the country's energy supply, which began in the aftermath of the Russian-Ukrainian crisis and has been made possible by the joint efforts of institutions and companies at both national and local level,' Venier said. "We are not only keeping on schedule, we are also showing that this can go hand in hand with environmental protection and monitoring,' he added. Snam recently agreed to acquire a 24.99% stake in Vier Gas Holding (VGH) from Infinity Investments, an investment vehicle of Abu Dhabi's Investment Authority, for €920m ($1.02bn). VGH fully owns Open Grid Europe (OGE), Germany's largest independent gas transmission company. OGE manages a 12,000km network with an annual offtake volume of around 21bcm, serving more than 400 end customers. This acquisition provides Snam with a minority share in OGE, facilitating its participation in the German gas market and potential expansion in Europe's energy infrastructure. "BW Singapore regasification unit to start operations in May" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
Italian gas grid operator Snam to acquire stake in OGE for $1.02bn
Italian gas grid operator Snam has signed an agreement with Infinity Investments, an investment vehicle of Abu Dhabi's Investment Authority, to acquire a 24.99% stake in Vier Gas Holding (VGH), which fully owns Open Grid Europe (OGE), for €920m ($1.02bn). OGE is Germany's largest independent gas transmission company, overseeing a network that spans approximately 12,000km. The company has an annual offtake volume of around 21 billion cubic metres (bcm) and serves more than 400 end customers. This acquisition gives Snam a minority share in OGE, allowing it to participate in the German gas market and potentially expand its presence in Europe's energy infrastructure. Snam has also entered into a separate share purchase agreement with Belgian transmission system operator Fluxys to sell a 0.5% stake in VGH following the completion of the deal. This will result in Snam and Fluxys holding almost equal shareholdings in VGH. The transaction is expected to close in the third quarter (Q3) of the current year. Snam CEO Stefano Venier said: 'Upon completion of this acquisition, Snam will become the first-ever Italian energy player to make a sizeable entry into the German energy infrastructure space. 'The acquisition strengthens Snam's position as Europe's largest gas infrastructure operator and is fully in line with our strategy, which focuses on the development of a pan-European, multi-molecule network located along the key European energy corridors, and in particular its most relevant corridor, running from southern to northern Europe.' OGE's assets are strategically important to the European gas market, with 17 interconnections to seven bordering countries, particularly Germany, the largest market in Europe. The German market is expected to maintain strong demand for gaseous fuels, partly due to the development of the hydrogen market. The acquisition will extend Snam's gas pipeline network to more than 40,000km. It will also enhance Snam's involvement in the energy transition, particularly in the German Hydrogen Core Grid, aligning with the company's strategy to integrate with key hydrogen projects such as SoutH2Corridor, H2Med and SEEHyC. Venier expressed the company's ambitions to grow further within Europe, specifically targeting "the southernmost part of the Mediterranean area", while indicating that there are no plans to expand to other parts of the world. The acquisition will be financed through Snam's existing financial flexibility or hybrid financing instruments. Snam has engaged JPMorgan as its financial advisor and White&Case as its legal advisor for this transaction. In October 2024, Snam announced an investment of €14.5bn to adapt its infrastructure for the energy transition. "Italian gas grid operator Snam to acquire stake in OGE for $1.02bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
