News

By Francesca Landini

MILAN, Jan 25 (Reuters) - Gas grid operator Snam SRG.MI has options to increase its stake in Italy's Adriatic LNG to 15% or 30%, the group's CEO said on Thursday, adding its influence over the liquefied natural gas (LNG) terminal would change accordingly.

Exxon Mobil Corp XOM.N is currently in talks with global energy trader Vitol SA over the sale of a majority stake in Italy's main LNG import terminal, sources have told Reuters.

Snam, which has a right of first refusal, currently owns 7.3% in the terminal, with QatarEnergy holding the rest.

"There is an agreement with current shareholders under which Snam could raise its stake to 15% or 30%... this would be linked to changes to our powers," Snam's CEO Stefano Venier told journalists during a presentation of the group's strategy.

These comments shed light on negotiations over the terminal, which is becoming more important as Italy increases LNG capacity to replace Russian gas imports.

Were Snam to lift its stake to 30% it could have a voice in the choice of Adriatic LNG's CEO, but would not have the right to pick the top executive, Venier said.

The Italian company owns all or part of the four terminals currently operating in its home country and is building a new floating terminal offshore of Ravenna.

Snam is also in talks to buy three gas storage sites from energy group Edison EDNn.MI and will submit a more refined non-binding offer for them by the end of the month, Venier said.

However in the new bid the group will not offer to swap some of its biogas assets with Edison as part of the deal, he added, denying media reports.

On the other hand, Snam is considering the sale of its 24% stake in the interconnector between Belgium and Britain, Chief Financial Officer Luca Passa said at the same event. Italian media have reported the stake could have a value of around 100 million euros ($109 million).

It would be difficult to sell the group's 6% shareholding in the Abu Dhabi National Oil Company (ADNOC), Passa said, adding a sale would be considered only if a potential investment in an asset with a similar return emerges.

Under its , Snam will invest 11.5 billion euros by 2027 to expand its infrastructure to support Italy's energy transition, 15% more than in its previous business plan.

The state-controlled group will focus on the construction of a new pipeline and the completion of LNG infrastructure.

It will also invest in energy transition businesses including a carbon capture and storage hub and the development of a European hydrogen network that will require a 4 billion euro investment, Passa said. ($1 = 0.9212 euros)

(Reporting by Francesca Landini Editing by Keith Weir)

((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))

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