Latest news with #StefanoVenier
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.
Yahoo
26-03-2025
- Business
- Yahoo
Snam SpA (SNMRY) (Q4 2024) Earnings Call Highlights: Strong EBITDA Growth and Sustainability ...
EBITDA: 2024 EBITDA up 23% versus 2022, an increase of EUR516 million. Net Profit: Increased by 11% despite higher interest rates. Capital Expenditures: Increased by 50% compared to 2022, totaling EUR8 billion over 2022-2024. Adjusted EBITDA: EUR2.753 billion, up 13.9% year-on-year. Adjusted Net Income: EUR1.289 billion, exceeding guidance of EUR1.230 billion. Net Debt: EUR16.2 billion, 2% ahead of guidance. Dividend: Total dividend for 2024 at EUR0.2905 per share. Tariff RAB Growth: Up 5.8% in 2024 compared to 2023. Investments: EUR2.9 billion in 2024, up 31% versus 2023. Scope 1 and 2 Emissions: Reduced by 28% in 2024 versus 2022. Gas Demand: Italian gas demand stable at 62 BCM in 2024. Associates Contribution: EUR326 million to group net income, up 3.5%. Funds from Operation: EUR2.239 billion. Sustainable Finance: 84% of committed financing. Warning! GuruFocus has detected 7 Warning Signs with SNMRY. Release Date: March 19, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Snam SpA (SNMRY) achieved a strong financial performance with a 23% increase in EBITDA compared to 2022. The company successfully increased its LNG capacity from 6 BCM to 19 BCM, enhancing its infrastructure. Snam SpA (SNMRY) reduced its Scope 1 and 2 emissions by 28% in 2024 compared to 2022, demonstrating significant progress in sustainability. The company maintained financial flexibility while providing attractive shareholder remuneration. Snam SpA (SNMRY) issued its inaugural green bond and was recognized as the Sustainable Issuer of the Year by IFR. The energy market and geopolitical situation remain unsettled, posing challenges for reliable and affordable energy supply. Higher interest rates impacted net profit growth, which rose by 11% despite the challenging financial environment. Capital expenditures increased by 50% compared to 2022, which may pressure financial resources. The company faced delays in some investments, such as the Ravenna breakwater, which slipped to 2025. Snam SpA (SNMRY) had to manage write-downs on gas infrastructure projects deemed non-finalizable. Q: With the uncertainty in climate policy, do you see potential upside risks for gas networks and CapEx programs for Snam? A: (Luca Passa, CFO) Our commitment to reducing emissions remains strong, aiming for net zero by 2050. We don't expect radical changes in Europe, where we operate, and see opportunities to continue investing in infrastructure for green molecules. Q: Can you update us on the ROSS-Integrale regulation and potential changes in the deflator? A: (Stefano Venier, CEO) The deflator process has ended, and we expect a shift to the European inflation index. For ROSS-Integrale, a consulting document is expected soon, and we await further details. Q: Regarding storage incentives, is this new and included in your business plan? Also, how do you view the ADNOC transaction's valuation? A: (Stefano Venier, CEO) The storage incentives are a proposal and not yet in our business plan. For ADNOC, we opted for a sale due to a higher internal rate of return, realizing a capital gain of over EUR120 million. Q: Given the rise in interest rates, where do you see your WACC for 2026? Also, can you explain the write-downs on gas infrastructure? A: (Luca Passa, CFO) Our WACC is about 10 basis points lower than the current rate, far from triggering changes. The EUR20 million write-downs were for projects deemed non-finalizable, with no further write-downs expected. Q: What are your views on gas demand for 2025 and current storage levels? How will you offset the ADNOC disposal in your EPS guidance? A: (Stefano Venier, CEO) We expect gas demand to increase by 2-3 BCM in 2025. Storage levels are at 45%, with plans to fulfill 90% EU recommendations. (Luca Passa, CFO) We will offset ADNOC's impact with earlier consolidation of Edison Storage, better output-based incentives, and lower financial expenses. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Zawya
31-01-2025
- Business
- Zawya
Lunate plans equity acquisition in ADNOC Gas Pipelines from Snam
UAE: Abu Dhabi-based Lunate intends to acquire a minority stake in ADNOC Gas Pipelines that is indirectly held by Europe's gas infrastructure operator Snam, according to a press release. Lunate is a global alternative investment manager with $105 billion in assets under management (AUM). Meanwhile, the transaction is subject to the signing of the sale and purchase agreement as well as to the potential exercise of the relevant shareholders' rights. The equity takeover transaction will be made through Lunate's Long-Term Capital Fund I that aims to provide investors with attractive cash yields and long-term capital appreciation. ADNOC Gas Pipelines, a subsidiary of ADNOC, has lease rights to 38 pipelines covering a total of 982 kilometres across the UAE. The gas pipeline network serves as a strategic link connecting ADNOC's upstream assets to local UAE off-takers. It represents a high-quality and essential asset that generates stable and predictable cash flows in a critical sector and is a major contributor to the UAE's energy infrastructure strategy. The CEO of Snam, Stefano Venier, said: 'The sale of the stake in ADNOC Gas Pipelines is consistent with the recently presented strategic plan, which focuses on the development of a pan-European multi-molecule 2025-2029 infrastructure.' Venier noted: 'In this perspective, the rotation of some assets not located along the key European energy corridors where we operate in, allows us to capitalize their value." Meanwhile, Lunate's Managing Partner, Murtaza Hussain, said: 'ADNOC Gas Pipelines is a key asset within the UAE's energy infrastructure system. We are pleased to strengthen our partnership with ADNOC through this investment and deliver on Lunate's mandate to offer investors access to high quality assets.' It is worth noting that Snam acquired its stake in ADNOC Gas Pipelines in 2020, along with other consortium partners, including GIP, GIC, Brookfield Asset Management, Ontario Teachers' Pension Plan Board and NH Investment & Securities, through Galaxy Pipeline Assets HoldCo Limited. Over this period, Snam has leveraged its industrial skills, know-how and innovative solutions in natural gas management to bring value to the asset and the UAE's wider energy system. In July 2024, Lunate Capital launched the Chimera J.P. Morgan Global Sukuk ETF as an exchange-traded fund (ETF) on the Abu Dhabi Securities Exchange (ADX). Source: Mubasher
Gulf Business
29-01-2025
- Business
- Gulf Business
Lunate to acquire minority stake in ADNOC Gas Pipelines
Image: Lunate The transaction, which is subject to the signing of a sale and purchase agreement and the potential exercise of relevant shareholders' rights, will be conducted through Lunate's Long-Term Capital Fund I. This fund aims to provide investors with attractive cash yields and long-term capital appreciation. ADNOC Gas Pipelines, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), holds lease rights to 38 pipelines spanning a total of 982 kilometres across the UAE. The gas pipeline network serves as a vital connection between ADNOC's upstream assets and local UAE off-takers. The pipelines represent an essential asset, generating stable and predictable cash flows in a critical sector, and play a significant role in the UAE's broader energy infrastructure strategy. Snam's sale of stake to Lunate aligns with its strategic plan Snam initially acquired its stake in ADNOC Gas Pipelines in 2020, as part of a consortium including Global Infrastructure Partners (GIP), GIC, Brookfield Asset Management, Ontario Teachers' Pension Plan Board, and NH Investment & Securities, through Galaxy Pipeline Assets HoldCo Limited. During its ownership, Snam has applied its industrial expertise and innovative solutions in natural gas management to add value to the asset and contribute to the UAE's energy system. Stefano Venier, CEO of Snam, commented, 'The sale of the stake in ADNOC Gas Pipelines is consistent with the recently presented strategic plan, which focuses on the development of a pan-European multi-molecule 2025-2029 infrastructure. In this perspective, the rotation of some assets not located along the key European energy corridors where we operate in, allows us to capitalise on their value.' Murtaza Hussain, managing partner at Lunate, said, 'ADNOC Gas Pipelines is a key asset within the UAE's energy infrastructure system. We are pleased to strengthen our partnership with
