• 18 Jul 2018

The Lombard company Decal has recorded the 35% shareholding held by San Marco Gas (sister company of San Marco Petroli) in the Venice LNG joint venture in which it already held 65%, becoming in this way the sole shareholder of the newco intending to make an investment 100 million euros to build a LNG coastal deposit in Porto Marghera (See project chart)

With a note, Venice LNG thanked the outgoing partner "for the climate of great collaboration and sharing that allowed to carry out studies of feasibility of the deposit and to accompany the launch of the activity of the newco", while in a separate communication , San Marco Gas explained that it had arrived at this decision because the "strategies of approach" to the LNG market "as proposed by the majority shareholder" were "different" from the industrial vision and the market analysis conducted by the San Marco Group ".

On the other hand, the company has underlined its intention to "continue in its project of development of the road network aimed at allowing the use of alternative fuel on the territory", leaving therefore to understand a diversity of views with the former partner on this point in particular so concluding his note: "In the vision of San Marco Gas the Marghera deposit represented a strategic entry point for the distribution of the product on the territory. Noting the evolution of the relationship between the members of VeniceLNG, the San Marco group will study alternatives to maintain the project to develop the LNG road and industrial distribution ".

Officially presented in January 2018, Venice LNG involves the construction of a LNG deposit with a capacity of 32,000 cubic meters in an area along the South Industrial Canal of Porto Marghera. The project foresees the arrival of liquefied gas by means of small and medium-sized gas tankers (maximum 30,000 cubic meters) and its redistribution through tankers and barges, with an estimated annual movement of 150,000 cubic meters of LNG in the initial phase, and of 900,000 cubic meters when fully operational.

Meanwhile, Venice LNG has confirmed that the authorization process of the project continues in compliance with the scheduled deadlines, as there are currently two parallel procedures: the first concerns the authorization for construction and operation, under the responsibility of the Ministry for Development Economic that will express in concert with the Ministry of Transport and in agreement with the Veneto Region; the other is related to the verification of environmental compatibility of the Ministry of Environment, which will issue its decree after hearing the opinion of the Commission experts Environmental Impact Assessment Technique (EIA).

Source:  Ship2shore