BW Group’s enterprise unit BW LNG has inked a cope with Italian vitality firm Snam to promote its 2015-built floating storage and regasification unit (FSRU) BW Singapore for roughly $400m.
The deal will see Snam purchase 100% of the share capital of FSRU I Restricted, whose sole asset is the 5bn cu m per yr FSRU, which might additionally function as a 170,000 cu m LNG provider.
The FSRU, which is presently fastened to Egas in Egypt till November 2023, is anticipated to be put in within the higher Adriatic Sea, near the coast of Ravenna, with operations set to begin within the third quarter of 2024.
The BW Singapore would be the second FSRU Snam acquired in a bit over a month. Earlier this yr, the corporate picked up the 2015-built Golar Tundra from Tor Olav Trøim’s Golar LNG for $350m.
“The 2 FSRUs will contribute 13% of the nationwide gasoline demand alone, bringing regasification capability to over 30% of demand,” stated Snam CEO Stefano Venier, including that: “Securing these two new models was not straightforward, in a market characterised by a scarcity of provide and worldwide competitors that was rising strongly with every passing week.”