Italian fuel grid operator Snam will make investments 1 billion euros ($1.1 billion) in a new LNG offshore terminal close to Ravenna, the corporate’s CEO stated on Tuesday.
The floating storage and regasification unit (FSRU) will add to a different LNG terminal already arrange in Tuscany, rising Italy’s fuel import capability and decreasing dependence from its conventional suppliers, together with Russia.
“To increase energy security for Italy we decided last year, together with the government, to increase the country’s LNG import capacity in order to have more flexibility and diversify energy supplies,” Stefano Venier stated.
The new terminal, which may have an annual capability of 5 billion cubic meters (bcm) of fuel, will probably be prepared on the finish of subsequent 12 months and is anticipated to begin industrial exercise in early 2025, Venier stated in Ravenna, a metropolis on Italy’s Adriatic coast.
Venier stated he anticipated complete fuel consumption in Italy to fall this 12 months to 62-64 bcm, from 68 bcm in 2022 when a curtailed provide from Russia, delicate climate within the winter and spiralling power costs diminished gas demand.
Snam is presently working to arrange an offshore platform some 8.5 kilometres from the coast of Ravenna the place the brand new floating terminal will probably be moored. It can also be establishing pipes to attach it to the Italian fuel community.
Venier stated that the present turmoil within the Middle East was not having a short-term affect on Italy’s power safety nevertheless it might decelerate the event of the Leviathan fuel subject offshore Israel, creating dangers for Europe’s fuel provide within the medium time period.
(Reuters – Reporting by Francesca Landini, modifying by Alvise Armellini and David Evans)
