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Olt Offshore Lng Toscana News

23 Dec 2022

Italy's LNG Import Capacity and New Terminals

Italy plans to boost its liquefied natural gas (LNG) import capacity to 27 billion cubic metres (bcm) from nearly 17 bcm currently as it seeks to completely replace Russian gas supplies following Moscow's invasion of Ukraine.In 2021, Moscow provided Rome with 29 bcm of gas via pipelines, equal to around 40% of Italy's total imports but Russian supplies have fallen in recent months to around 10% of total imports. Italy, which can now count on three LNG terminals, has mandated gas grid operator Snam SRG.MI to buy and set up two additional floating storage and regasification units (FSRU) near the cities of Piombino and Ravenna.A timely start for the Piombino FSRU is crucial to allow Italy to fill gas storage facilities in time for winter 2023…

05 Aug 2020

OLT Offshore's FSRU Toscana Receives 100th LNG Cargo

Image Credit: OLT Offshore LNG Toscana

OLT Offshore LNG Toscana's floating regasification unit FSRU Toscana received its 100th LNG cargo via the ship-to-ship from the Bonito LNG carrier on July 31, 2020.Per the owner, OLT Terminal has, over the years, received LNG from the main exporting countries such as: Algeria, Cameroon, Egypt, Equatorial Guinea, Nigeria, Norway, Peru, Qatar, Trinidad and Tobago, United States, Spain, Belgium, and the Netherlands.The total quantity of LNG discharged so far is approximately 13.8 million liquid cubic meters…

18 Feb 2020

EU Clears OLT Takeover by SNAM and FSI

The European Commission has approved the acquisition of OLT Offshore LNG Toscana by SNAM and the UK’s First State Investments International (FSI), under the EU merger regulation.According to the Commission, OLT is active in the management of a floating storage and regasification unit for liquefied natural gas in Italy.SNAM is the holding company of the Snam group, which is active in the development and integrated management of gas infrastructures and, in particular, in the transmission, regasification and storage of natural gas in Italy and other EU countries.FSI is a company within the asset management division of Mitsubishi UFJ Trust and Banking Corporation…

28 May 2019

Uniper Sells Italian LNG Plant Stake

German energy group Uniper has concluded an agreement with Australian fund First State Investments to divest its stake in OLT Offshore liquefied natural gas (LNG) Toscana.First State Investments will acquire Uniper’s entire OLT stake. The purchase price for Uniper’s stake amounts to approx. €400 million ($452 million) and will be adjusted at closing for any distributions already made to Uniper in 2018 and 2019. The resulting net proceeds at a closing later this year are expected to be at a level of approx. €340 million.Uniper has a 48.2% stake in OLT. OLT’s other shareholders are Italy-based IREN Group, which has a 49.1% stake, and Golar LNG, which has a 2.7% stake.OLT is the company that developed and operates “FSRU Toscana”, a floating storage and regasification unit.

10 Jan 2014

Drum Cussac Protects Floating LNG Platform Journey

Photo courtesy Drum Cussac

The FSRU Toscana, the world’s first-ever floating Liquified Natural Gas (LNG) platform, has begun commercial operations off the coast of Italy, on schedule. However, before the 288-meter container ship, turned floating LNG storage platform, could begin operation as a regasification plant, it had to negotiate a perilous journey, being towed from Drydock World in Dubai to the Italian Coast, via the Gulf of Aden and the Suez Canal, protected by Drum Cussac security specialists. Drum Cussac’s Chief Operating Officer…

29 Aug 2013

“Floating Gas Plant” Toscana Delivered

Photo: Fairmount

Tugs Fairmount Summit and Fairmount Alpine have delivered the very first “floating gas plant” in the world, the FSRU Toscana, safely offshore Livorno, Italy. The Toscana, a one of a kind unit, was towed from Dubai via Malta where final equipment was installed. After delivering the Toscana, both Fairmount tugs assisted in mooring the unit to her six pre installed anchors. The Toscana is a so-called floating, storage and re-gasification unit (FSRU) which is now moored 12 miles offshore Livorno and will be used as a terminal and export point for liquefied natural gas (LNG).

06 Feb 2013

Drydocks World Finalizing Conversion

Naming ceremony held in the presence of senior personnel. Drydocks World, a maritime services provider, after the naming ceremony held yesterday by OLT LNG Offshore Toscana, announced that the FSRU Toscana conversion project at the Dubai based shipyard, is going to be finalized. The Floating Storage and Re-gasification Unit is intended for a 20 year design life 12 nautical miles off the shores of north-west Italy, in the waters of the Tyrrhenian Sea close to Livorno. The Liquefied Natural Gas (LNG) carrier Golar Frost…

22 Feb 2010

RINA Classes First Offshore LNG FSRU

Genoa-based classification society RINA has taken a lead in the developing market for floating LNG terminals. It has been chosen to class the first offshore Floating Storage and Regasification Unit (FSRU), and is providing studies and support for a number of further offshore LNG projects, including the newbuilding which is likely to be the world’s second offshore LNG FSRU. Addressing the Mare Forum Houston conference, Massimo Volta, RINA’s General Manager America, said, “Italy leads the world in implementing offshore LNG terminals. We have recently brought the Adriatic LNG terminal on stream, and we have five more live projects for floating and gravity-based offshore LNG terminals around our coasts.

24 Nov 2009

Drydocks World Regasification Terminal Project

Photo courtesy Dubai World Media Centre

Drydocks World - Dubai, a ship repair, conversion and new building yard and the flagship company of Drydocks World, announced that work is underway on its first ever Floating Storage Re-gasification Unit (FSRU) conversion project, known as the FSRU LIVORNO Project. The conversion of the Liquefied Natural Gas (LNG) carrier, Golar Frost into an FSRU, is being handled by the Main Contractor, Saipem, a leading international turnkey contractor in the oil and gas industry and will be delivered to OLT Offshore LNG Toscana, a company operating in the Italian gas industry.

03 Jan 2008

Golar NNG Sells Vessel

Reuters notes that Norwegian liquid gas tanker group Golar LNG has agreed to sell its Golar Frost vessel for about $231 million to a part-owned project that is building a gas terminal at Livorno on the Italian coast.Golar LNG has a 16 percent stake in the project company OLT Offshore LNG Toscana S.p.a., which is building a liquid natural gas terminal (LNG) and is the buyer of the vessel. The vessel is on charter until March 2008, and all income from the vessel will be to Golar LNG's benefit until the sale is completed in June.

25 May 2007

Golar LNG Announces Q1 Results

Golar LNG reports its highest ever quarterly net income at $53.3 million for the three months ended March 31, 2007, as compared to $36.6 million for the three months ended December 31, 2006. These results include the gain on the sale of newbuilding DSME Hull 2244 of $41.1 million. Operating income was also increased at $58.6 million for the first quarter as compared to $40.4 million for the fourth quarter. Revenues have been negatively impacted by a generally weaker spot market for trading LNG ships during the first quarter. Two of Golar's six vessels exposed to the spot market were fixed throughout the period at good rates, but this was offset by two of the other vessels suffering extended periods of idle time.

29 Mar 2007

Golar LNG Limited Enters Joint Venture Agreement

Golar LNG Limited signed a share purchase agreement with OLT Energy Toscana SpA in November 2006 for the acquisition of 20% of shares in OLT Offshore LNG Toscana SpA (OLT-O). The purpose of the joint venture company OLT-O is the construction of the Livorno offshore LNG import and regasification terminal, which will be located approximately 20 kilometers off the coast. Source: CCN

10 Nov 2006

Golar LNG Signs Shareholder Agreement for Livorno Project

Golar LNG Limited is announced that its subsidiary, Golar Offshore Toscana Limited has signed a share purchase agreement with OLT Energy Toscana SpA for the acquisition of 20% of the shares in OLT Offshore LNG Toscana S.p.A. The new LNG terminal, which earlier this year was granted a government decree approving or permitting the project, will have a regulated capacity of 3.75 Bcm/year. The terminal will be located 20 km out to sea off the Livorno coast; away from populated areas creating substantial environmental and security benefits and significantly reducing visual impact. Included in the deal is an intention between the parties to sell the LNG carrier Golar Frost to OLT-O.