A floating storage and regasification unit (FSRU). Credit: Aerial-motion/shutterstock.

Snam has acquired FSRU I Limited, which owns the FSRU BW Singapore, from BW LNG for a total consideration of around $400m (€369.78m).

The deal between the companies was signed in July 2022.

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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”.

Built in 2015, the BW Singapore FSRU is capable of operating both as an LNG carrier and as an FSRU.

It has a regasification capacity of around five billion cubic metres per year and an LNG storage capacity of around 170,000 cubic metres.

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Snam said the FSRU is set to be located off the coast of Ravenna to maximise its regasification capacity.

BW LNG CEO Yngvil Åsheim said: “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.”

The operation of the BW Singapore FSRU is expected in 2025 following completion of related regulatory process as well as works needed for its mooring and connection to the gas transport network.

Earlier, Snam said the FSRU I Limited acquisition will contribute to Italy’s energy security and diversification.