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Avenir LNG buys out partners in small-scale terminal in Italy – Splash247

Avenir LNG has agreed to buy the shareholdings of its Italian partners, Gas and Heat and CPL Concordia in Higas, a company that owns and operates a small-scale liquified natural gas (LNG) import, storage and distribution facility in the Port of Oristano, Sardinia.

Financial details of the transaction have not been disclosed by the London-headquartered firm, which held 80% of the equity while its local partners each held a 10% stake in the project before the deal.

The Higas terminal was the first dedicated small-scale LNG depot in the Mediterranean and via the adjacent deep draft jetty, is the first terminal enabling direct LNG imports into Sardinia. Utilising the terminal’s LNG truck loading bays, Higas distributes LNG via roadtanker both directly to industrial users and to gas distributions companies across the island. The terminal has the capacity to load up to 8,000 LNG trucks per year via 2 truck loading bays, for onward distribution to smaller LNG satellite stations. The facility is further complemented by a connection to a natural gas pipeline system that will allow natural gas to be distributed to local industries.

Peter Mackey, CEO of Avenir LNG Limited, said: “This is another important step in executing our investment strategy. In addition to continuing to be a trusted and competitive LNG supplier to our customers in Sardinia, Higas will continue to promote and enhance the long-term environmental sustainability of Sardinia and Italy, and to take an increasingly prominent role in these important energy markets”.

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