Italian energy infrastructure company Snam has entered into an exclusivity agreement for the potential acquisition of Higas and the conversion of the Oristano LNG coastal storage facility into a Floating Storage and Regasification Unit (FSRU).

Acquisition Details

The exclusivity agreement positions Snam to potentially acquire Higas, though the source does not provide specific financial terms or timeline details for the proposed transaction. The agreement represents a strategic move by Snam to expand its presence in the liquefied natural gas infrastructure sector.

Facility Conversion Plans

As part of the potential deal, Snam would convert the existing Oristano LNG coastal storage facility into an FSRU. The Oristano facility is currently configured as a coastal LNG storage installation; however, the conversion would transform it into a floating storage and regasification unit, providing different operational capabilities for handling liquefied natural gas.

Strategic Implications

The potential acquisition of Higas and the facility conversion align with Snam's broader infrastructure development strategy. FSRUs offer operational flexibility compared to traditional coastal storage facilities, as they can provide both storage and regasification services for liquefied natural gas. The conversion of the Oristano facility would represent a significant modification to the existing infrastructure configuration.

The exclusivity agreement indicates that Snam has secured a period during which it can evaluate the acquisition without competition from other potential buyers. However, the source does not specify the duration of the exclusivity period or the conditions that must be met for the transaction to proceed to completion.

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