First State Investments takes Uniper’s stake in OLT Offshore Toscana

German energy group Uniper has just sold its stake (48.24%) in a liquefied natural gas (LNG) terminal in Italy to Australian fund First State Investments.

The deal was formally approved by the board of directors in the last few days a statement from the company confirms. The other shareholders of the company are the Italian Gruppo Iren (49.07%) and the liquefied natural gas shipping company Golar LNG (2.69%).

OLT operates the floating storage and regasification unit FSRU Toscana, located 22 km off the Tuscan coast between Pisa and Leghorn, with a capacity of 3.75 billion cu m a year.

According to what Reuters reported recently the deal in question is worth roughly €400m ($452m).

The offshore terminal will soon undertake a conversion project to allow for small scale LNG services for bunkering ships. The feasibility study recently completed confirmed that, with marginal changes, the terminal will be able to unload LNG on small ships. The objective of OLT Offshore Toscana is to obtain the necessary permits and implement changes onboard the terminal by 2020 to allow the start of the small scale service in 2021.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.
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