Snam to invest US$1Bn in Ravenna FSRU

Italy’s Municipality of Ravenna presented the company’s projects in the area through a press conference in the municipal council chamber.

Located near Ravenna, a floating storage and regasification unit (FSRU) will complement an existing LNG terminal in Tuscany by linking to the Italian national gas network. Italy is looking to lessen its dependence on Russian gas imports.

Purchased for US$400M last year, BW Singapore is the second regasification terminal purchased by Snam and is expected to be operational by the end of 2024. This ship will provide Italy with an additional 5 bcm of gas, in addition to that already supplied by Snam-owned Golar Tundra FSRU which has been operational in the Italian port of Piombino since July 2023.

Snam chief executive Stefano Venier said the FSRU will help diversify energy supplies.

BW Singapore is currently working in Egypt for Egas under a charter that expires this month. Snam has already awarded contracts and begun construction in Ravenna.