Under the EU merger regulation, the European Commission has approved the acquisition of OLT Offshore LNG Toscana by SNAM and the UK’s First State Investments International Ltd
Headquartered in Livorno, Italy, OLT Offshore LNG Toscana SpA (OLT) owns and manages the floating regasification unit terminal that utilises FSRU Toscana moored 22 km off of the Italian coast. At full capacity, the terminal has a regasification capacity of 3.75Bn standard m3 per year, which corresponds approximately to 4% of the annual Italian gas requirement.
IREN Group holds a 49.07% interest in OLT, with First State Investments (FSI) controlling 48.24% and Golar LNG the remaining 2.69%.
SNAM is the holding company of the Snam group, which is active in the development and integrated management of gas infrastructure and in the transmission, regasification and storage of natural gas in Italy and other EU countries.
FSI is a company within the asset management division of Mitsubishi UFJ Trust and Banking Corporation, one of Japan’s largest asset managers.
The European Commission concluded that the proposed acquisition would raise no competition concerns since the companies are not close competitors in the markets where their activities overlap and, in addition, sector-specific regulation is in place to prevent anticompetitive effects arising from the transaction.