Italy’s Snam to launch Ravenna FSRU capacity auctions

Italy’s Snam is working to launch in the upcoming period auctions for regasification capacity at its planned FSRU-based LNG import terminal offshore Ravenna in the Adriatic Sea.

This will be Italy’s third FSRU-based LNG import terminal after the launch of Snam’s Piombino FSRU-based facility earlrier this year.

Snam’s 170,000-cbm Golar Tundra received its first commercial LNG cargo in Piombino from Italy’s Eni in July.

The company’s CEO Stefano Venier, said on Thursday during Snam’s third-quarter earnings call that the Piombino FSRU received in total three LNG cargoes since July.

He said that Piombino regasification slots are fully booked for thermal year 2023/2024.

Besides this facility, Snam owns the Panigaglia facility and has stakes in the FSRU Toscana and the Adriatic LNG import terminal.

Last year, Snam purchased BW LNG’s 2015-built FSRU BW Singapore for $400 million, and will install it offshore Ravenna.

The FSRU has a maximum storage capacity of about 170,000 cubic meters of LNG and a nominal continuous regasification capacity of about 5 billion cubic meters per year.

It currently works in Egypt and the FSRU’s charter contract with Egas expires in November 2023.

Snam already awarded the Ravena FSRU contracts and started construction in Ravenna.

“We will launch by year-end or in the beginning of 2024 the capacity auction for the second vessel to be operational in Ravenna by the end of next year,” Venier said.

Adriatic LNG

During the call, Venier also discussed possible opportunities in M&A and mentioned that ExxonMobil is working to sell its stake in the Adriatic LNG terminal.

The world’s first offshore gravity-based LNG import terminal sits about 14 kilometers offshore of Porto Levante and has regasification capacity of about 9 bcm per year.

ExxonMobil has a 70.7 percent stake in Adriatic LNG, while QatarEnergy holds 22 percent and Snam owns 7.3 percent.

“As you know, ExxonMobil and QatarEnergy are negotiating with BlackRock the acquisition of a stake in Adriatic LNG,” Venier said, adding that the company has the right to increase its stake in the facility.

He said that these talks have not ended yet, “so we don’t know the final conditions and terms that will be agreed by the three parties.”

Once Snam receives these conditions, the company will evaluate whether it will increase its stake in the LNG facility, he said.

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