Snam buys FSRU from BW LNG in push for Italy’s energy security

Snam and Singapore-based shipping giant BW LNG have signed a for $400 million contract for the acquisition of the floating storage and regasification unit (FSRU) BW Singapore as its sole asset. Built in 2015, BW Singapore has a maximum storage capacity of approximately 170,000 cubic meters of liquefied natural gas and a nominal continuous regasification capacity of about 5 billion cubic meters per year. It is expected that the FSRU, currently bound by a charter contract with third parties until November 2023, can be located in the Upper Adriatic, near the coast of Ravenna, and begin its activities in the third quarter of 2024. Stefano Venier, Snam’s Chief Executive Officer has commented that "With this operation, we assure Italy the second new floating regasification plant, which will make a decisive contribution to the security and energy diversification of the country: the two FSRU purchased by Snam during the last month will alone contribute to 13% of national gas needs, bringing regasification capacity to over 30% of demand, as soon as we have the authorization to place them and connect them to the national transport network”.