Snam SpA (SNM.MU)
- Reuters
Italy's Snam to pick offshore site for new LNG terminal in early 2023
Itay's Snam will choose the offshore site for its new floating storage and regasification unit (FSRU) in the next 100 days, Italy's special commissioner for the project said on Friday, with its initial location already facing a legal challenge. Under the government's plan to diversify energy supply away from Russian gas, Italy's gas grid operator plans to moor the newly-bought FSRU in the port of Piombino, on Italy's west coast, for the next three years.
- Reuters
FOCUS-Italy aims for 'miracle' with LNG project in energy crunch
Italy is invoking the need for energy security in the face of Russian supply cuts to rush through in a matter of months a new liquefied natural gas (LNG) terminal – a process that would normally take years due to local objections and permitting. A preliminary go-ahead for the 5 billion cubic metre capacity (bcm) project in the port of Piombino in the central region of Tuscany, could come as soon as Friday, people close to the matter told Reuters. Such a big-scale project will help Italy avert a supply crunch it could otherwise face next winter, but keep it hooked on gas for longer, slowing down its transition to renewable energy.
- Reuters
UPDATE 1-Snam boosts Italy's energy security with new regasification unit
Italy's Snam has signed a $400-million deal with BW LNG to buy a floating storage and regasification unit (FSRU), the gas grid operator said on Wednesday, as Rome rushes to find alternative supplies to Russian gas. Last year Moscow supplied 40% of Italy's imports of gas, or 29 billion cubic metres. State-controlled Snam, which last month acquired a first regasification vessel from Golar LNG, said it expected the unit, called BW Singapore, to become operational in the third quarter of 2024, once a contract with a third party currently using the unit expires and the permitting process is completed.
