Uniper SE said March 22 that it concluded an agreement to sell its 48.2% interest in OLT Offshore LNG Toscana SpA to First State Investments for approximately €400 million, subject to adjustments.
OLT owns and operates a floating storage and regasification terminal, located off Italy's Tuscan coast between Pisa and Livorno, which transforms liquefied natural gas back to its normal gaseous state. The unit has a maximum authorized regasification capacity of 3.75 billion cubic meters annually.
Uniper said in a news release that OLT is a regulated asset, and that "being a shareholder of OLT offers Uniper no advantages for expanding and optimizing its own LNG portfolio."
Other shareholders in OLT are Italy-based Iren Mercato S.p.A. which owns a 49.1% stake, and Golar LNG Ltd. which owns a 2.7% stake.