News: MQG UPDATE 1-Italy's Snam considers sale of gas storage unit stake -sources

(Adds Snam spokesman)

Italy's Snam SRG.MI is considering the sale of a minority stake in its gas storage unit worth up to 6 billion euros and is working with Goldman Sachs and Credit Suisse to study its options, two sources said.

Snam pledged last month https://www.reuters.com/markets/europe/snam-eyes-investments-23-bln-euros-2030-speed-green-drive-2021-11-29 to spend as much as 5 billion euros ($5.7 billion) by 2030 to grow its storage footprint in Italy and abroad, including plans to develop an international green storage platform.

A series of infrastructure funds, including Australia's Macquarie (MQG) , approached Snam earlier this year to express their interest in the asset, one of the sources said.

"Snam is studying various options including selling a minority stake to a financial investor to help fund expansion plans," the source said.

Things are at a very early stage and no talks are under way, the source added.

A Snam spokesman on Thursday said the company was currently not in talks to sell a stake in its Stogit gas storage unit.

"Given the importance of storage in the energy transition the company is assessing its options to develop and grow Stogit in both natural gas and hydrogen in line with what is indicated in its business plan," the spokesman said.

As gas prices soar amid strong economic demand and supply-side constraints, gas storage is attracting increasing interest from investors and governments.

Italy is one of the European Union member states that has urged Brussels to build joint strategic sites to help cope with emergency situations in cases of severe scarcity.

Snam, which makes most of its money from transporting gas, is one of Europe's biggest gas storage operators with around 17 billion cubic metres of capacity.

It has pledged to invest more in green gasses such as hydrogen and biomethane and has said its storage sites are already equipped to work with hydrogen.

Stogit, which receives regulated returns on the basis of the investments it makes, has a regulated asset base (RAB) of 4 billion euros.

One of the sources said that following the hefty premium paid by infrastructure fund F2i for Ital Gas Storage, Stogit could be worth between 5 billion and 6 billion euros.

Macquarie, Goldman Sachs and Credit Suisse declined to comment.

($1 = 0.8826 euros)