The second new floating regasification terminal is on the way. Decisive for the country’s energy security and diversification
Snam And Bw Lng have signed a contract for the acquisition, by the Snam group, of 100% of the share capital of Fsru I Limitedwhich al closing will own the storage and regasification vessel (FSRU) as the only asset “BW Singapore“.
Bw Singapore, built in 2015, has a maximum storage capacity of approximately 170,000 cubic meters of liquefied natural gas (LNG) and a nominal continuous regasification capacity of approximately 5 billion cubic meters per year. The unit was immediately used as a FSRU but can also operate as a LNG carrier for the transport of liquefied natural gas. The FSRU, currently bound by a charter agreement with third parties until November 2023, is expected to be located inUpper Adriaticnear the coast of Ravennaand start its business in the third quarter of 2024, following the conclusion of the authorization and regulatory process and the construction of the works necessary for mooring and connection to the transport network.
“With this operation – he commented Stefano Veniermanaging director of Snam – we ensure toItaly the second new floating regasifier, which will make a decisive contribution to the country’s energy security and diversification: the two FSRUs purchased by Snam in the last month will alone be able to contribute 13% of the national gas requirement, bringing the regasification capacity to over 30% of demand, as soon as we have the authorization to position them and connect them to the national transport network. The positioning in the Upper Adriatic will allow the new unit to intercept the potential new flows of LNG coming from North Africa and from Eastern Mediterranean. Securing these two new FSRUs was not easy, in a market characterized by scarcity of supply and by a strong growth of international competition with the passing of the weeks. The rapid completion of these two acquisitions gives precious time to the authorization and operational activation process of the service, which is essential for responding to the current critical energy situation “.
“We are happy to be able to work together with Snam – he said Yngvil Asheim CEO of BW LNG – to helpItaly andEurope to diversify its infrastructures and contribute to energy security, upon expiry of the current contract relating to the BW Singapore in November 2023. At BW LNG we are committed to our strategy of providing floating regasification infrastructures that support the path to a company low carbon. A cornerstone of this strategy is our FSRU segment, in which we will continue to explore growth opportunities. We have also ordered four FSRUs for delivery in 2025 “. The acquisition will be financed by Snam with its own resources for an amount of approximately $ 400 million, which will be paid in two installments. The FSRU will be available to Snam at the date of closingexpected by the end of 2023. In the coming months, Snam will also start activities for the contracting of the LNG regasification capacity which will gradually become available with the start-up of BW Singapore in Italy.
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