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Snam finalises FSRU purchase for Port of Ravenna

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Ravenna, Italy (Ports Europe) December 6, 2023 – Snam and BW LNG have finalised the acquisition by Snam of FSRU I Limited. The latter owns owns the floating, storage and regasification unit (FSRU) “BW Singapore” ship, for approximately 367 million euros.

The ship can operate both as an LNG carrier and an FSRU. It has a storage capacity of about 170,000 m³ of liquefied natural gas (LNG) and a regasification capacity of about 5 billion m³ annually.

Snam is preparing an offshore platform some 8.5 km from the coast of Ravenna where the new FSRU will be moored. It is also setting up pipes to connect it to the Italian gas network. It is expected to start operations in 2025.

Management comment

Snam CEO Stefano Venier said“By finalising the BW Singapore acquisition, Snam takes another important step towards ensuring energy security and diversification of Italy’s energy supplies, in a challenging and constantly evolving global context. Together with the Golar Tundra, which started its operations in Piombino in July 2023, the two FSRUs will increase the country’s total regasification capacity from the current 25% to around 40% of the overall natural gas demand”. 

BW LNG CEO Yngvil Åsheim said: “We are delighted to collaborate with Snam to strengthen Italy’s energy security and diversify Europe’s gas infrastructure through the FSRU BW Singapore. We are also pleased to support Snam with all ship management and modification works necessary for allowing the vessel to start operations in Italian waters. At BW LNG, we are committed to the development of floating LNG infrastructure solutions, as the world moves towards a low carbon society and countries look for sustainable, affordable, and reliable energy.”

Management quotes from Snam press release.

An FSRU in Ravenna will support the energy supply for Italy and the European Union. It is the policy of the EU policy to reduce dependency on Russian energy.

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