Snam Finalizes Purchase of FSRU for Ravenna

Snam has finalized the 400 million euro acquisition of a new floating liquefied natural gas (LNG) terminal that will be located offshore from the city of Ravenna, the Italian gas grid operator said on Monday.

The new ship dubbed BW Singapore has a storage capacity of about 170,000 cubic meters of liquefied natural gas and a regasification capacity of about 5 billion cubic meters per year and will help Italy to diversify its energy supplies.

The floating storage and regasification unit (FSRU) is expected to start operations in 2025.

That will follow the conclusion of the related permitting and regulatory process, and finalizing the works needed for mooring and connecting it to the transportation network, which have already started.

(Reuters - Reporting by Francesca Landini; Editing by Keith Weir)