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Snam purchases FRSU from BW LNG

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LNG Industry,

Following the signing on 6 July 2022, Snam and BW LNG have finalised the acquisition by Snam Group of 100% of the share capital of FSRU I Limited, which owns the FSRU BW Singapore, for a total consideration of approximately US$400 million (around €367 million).

The BW Singapore can operate both as an LNG carrier and as an FSRU. The ship was built in 2015 and has a storage capacity of about 170 000 m3 of liquefied natural gas and a regasification capacity of about 5 billion m3/y.

To maximise its regasification capacity, the FSRU will be located off the coast of Ravenna, around 8 km away from the Punta Marina area. The FSRU is expected to start operations in 2025, after concluding the related permitting and regulatory process and finalising the necessary works for mooring and connecting it to the transportation network, which have already started.

Snam CEO, Stefano Venier, said: "By finalising the BW Singapore acquisition, Snam takes another important step towards ensuring energy security and diversification of Italy's energy supplies, in a challenging and constantly evolving global context. Together with the Golar Tundra, which started its operations in Piombino in July 2023, the two FSRUs will increase the country's total regasification capacity from the current 25% to around 40% of the overall natural gas demand.”

BW LNG CEO, Yngvil Åsheim, added: “We are delighted to collaborate with Snam to strengthen Italy’s energy security and diversify Europe’s gas infrastructure through the FSRU BW Singapore. We are also pleased to support Snam with all ship management and modification works necessary for allowing the vessel to start operations in Italian waters. At BW LNG, we are committed to the development of floating LNG infrastructure solutions, as the world moves towards a low carbon society and countries look for sustainable, affordable, and reliable energy.”

In the coming months, Snam will also start activities for contracting the LNG regasification capacity that will gradually become available with the FSRU operations start, expected in 2025.

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LNG project news Natural gas news LNG news in Europe