Italy's Snam Buys Golar Tundra FSRU for $350M & More News Here

Italian fuel group Snam has agreed to purchase Golar LNG’s floating storage regasification unit (FSRU) Golar Tundra for $350 million.

The Golar Tundra can function each as an LNG service and as an FSRU. The vessel, in-built 2015, has a storage capability of round 170,000 cubic meters of LNG and a steady regasification capability of 5 billion cubic meters per 12 months.

In order to maximise its regasification capability, the vessel will probably be situated in central-northern Italy, near the areas with the best fuel consumption. The Golar Tundra is anticipated to start out operations as an FSRU throughout the spring of 2023, topic to the completion of authorization, regulatory processes, and the development of the mandatory infrastructure connecting the terminal to the prevailing fuel transport community.

Snam CEO Stefano Venier commented: “With the purchase of the Golar Tundra, Snam is taking a decisive step to enhance the security and diversification of Italy’s energy supplies, in line with its mission. The role of the new FSRU for the benefit of our country will be essential: alone it will contribute to about 6.5% of domestic needs thus bringing the country’s regasification capacity to over 25% of the demand. 

“Snam accomplished the transaction rapidly and successfully in a extremely aggressive market as a result of shortage of provide and is continuous its efforts to accumulate a second FSRU of an identical dimension, for which unique negotiations are at present underway and anticipated to be finalized by finish of June”. 

This is the second FSRU deal signed between two companies in the past two weeks. In mid-May Snam signed a contract with Golar LNG under which Golar will deliver the existing LNG Carrier “Golar Arctic” as a floating storage and regasification unit (FSRU), too. Read More.

Commenting on the Golar Tundra agreement, Golar CEO Karl Fredrik Staubo said Wednesday: “We are happy to have reached an settlement for Golar Tundra with Europe’s largest pure fuel infrastructure proprietor. Today’s introduced sale marks the second transaction between Golar and Snam for two impartial FSRU initiatives in Italy in a brief time period. We are happy to work with Snam for the profitable start-up of the LNG terminals, and to contribute to Europe’s drive in the direction of power safety.

“With the sale of Golar Tundra, Golar reinforces its focus on FLNG, enabling efficient production of proven gas reserves allowing customers to further diversify gas supply.” 

As a part of the transaction, Golar will lease Golar Tundra from Snam as an LNG service for a restricted time period after closing, and help Snam within the preparatory work for the set up of the vessel within the chosen port.

 The completion of the transaction occurred concurrently with the signing of the contracts and will probably be financed by Snam out of its personal sources. In the approaching months Snam will start actions to contract LNG regasification capability, which can steadily grow to be obtainable from start-up of Golar Tundra as an FSRU anticipated throughout the spring of 2023.

In a floating manufacturing report issued Tuesday, World Energy Reports famous an vital uptick within the variety of FSRUs leased on a long-term foundation over the previous few weeks. 

“Seven FSRU long-term leases were signed in May by European utilities scrambling to replace Russian gas pipeline deliveries. These leases pretty much vacuumed up most of the available FSRUs that had been looking for terminal contracts. Driving the order surge has been the threat of a partial or complete shutdown of Russia’s pipeline gas to Europe,” WER mentioned. Read More

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