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, growing Italy’s fuel import capability and lowering dependence from its conventional suppliers, together with Russia.
“To extend vitality safety for Italy we determined final 12 months, along with the federal government, to extend the nation’s LNG import capability with the intention to have extra flexibility and diversify vitality provides,” Stefano Venier stated.
The brand new terminal, which can have an annual capability of 5 billion cubic meters (bcm) of fuel, shall be prepared on the finish of subsequent 12 months and is anticipated to start out industrial exercise in early 2025, Venier stated in Ravenna, a metropolis on Italy’s Adriatic coast.
Venier stated he anticipated whole 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 vitality costs decreased gasoline demand.
Snam is at the moment working to organize an offshore platform some 8.5 kilometres from the coast of Ravenna the place the brand new floating terminal shall be moored. It’s also establishing pipes to attach it to the Italian fuel community.
Venier stated that the present turmoil within the Center East was not having a short-term influence on Italy’s vitality safety however it might decelerate the event of the Leviathan fuel area offshore Israel, creating dangers for Europe’s fuel provide within the medium time period.
(Reuters – Reporting by Francesca Landini, enhancing by Alvise Armellini and David Evans)
