Gas, Snam buys the first regasification vessel: how the Golar Tundra works


Gas, Snam buys the first regasification vessel: how the Golar Tundra works
Written by aquitodovale

Snam takes home the first of the two regasification vessels that will allow our country to use liquefied natural gas to replace imports of methane from Russia and that it will help to break free from dependence on Moscow. The group led by Stefano Venier has announced that it has closed the contract for the purchase of FSRU (Floating storage and regasification Unit) on which he has been working since the Italian government decided on the new energy policy. Snam and Golar Lng Limited – reads the note sent shortly after 7.30 am on June 1st – have signed a contract for the acquisition, by the Snam group, of 100% of the share capital of Golar Lng NB 13 Corporation, which owns as its only asset the storage and regasification vessel (FSRU) “Golar Tundra”, for a consideration of 350 million dollars (approximately 330 million euros).

Golar Tundra, 5 billion cubic meters of gas

The transaction was approved by Snam’s board of directors on 30 May. Golar Tundra can operate both as a LNG carrier for the transport of liquefied natural gas (LNG) and as a FSRU, ie for storage and regasification. Built in 2015, Golar Tundra has a storage capacity of approximately 170,000 cubic meters of liquefied natural gas and a continuous regasification capacity of 5 billion cubic meters per year.. The FSRU is expected to start its activities in the spring of 2023, following the conclusion of the authorization and regulatory process and the construction of the works necessary for connection to the transport network.

Venier: Greater security and diversification

With the purchase of the Golar Tundra – commented the managing director Stefano Venier – Snam makes a decisive step to favor greater security and diversification of Italy’s energy supplies, in line with its mission. The role of the new FSRU for the benefit of the country will be essential: on its own it will be able to contribute to approximately 6.5% of national needs, bringing the Italian regasification capacity to over 25% of demand. Snam completed the transaction quickly and effectively in a market characterized by a high level of competitiveness and scarcity of supply and continues to work in search of a second FSRU of similar size, on which an exclusive negotiation is currently underway. expects it to be completed by the end of June. The ship was purchased by the same group from which Snam bought the small Fsru Golar Arctic on May 18, which will be used to bring gas to Sardinia, the only region of Italy that still lacks it. It is a company founded in 1946 in Norway with headquarters in Bermuda and listed on the Nasdaq in New York.

The operation has already been completed

Unlike the Fsru Golar Arctic which until now was used for the transport of liquefied natural gas and not yet equipped for regasification, the Golar Tundra just bought from Snam is a ship that is ready, but before it can become operational in Italy it is necessary to know which location is chosen. (we are talking about Piombino and Ravenna) and create the connection infrastructure with the Snam ground network. As part of the operation, which follows a due diligence on the company subject to acquisition and on Fsru itself – concludes the note – it is also envisaged that Golar Lng will rent Golar Tundra from Snam for a fee, using it as an Lng transporter for a limited period of time, and assist Snam in preparatory work for the installation of the ship in the chosen port. The acquisition, whose closing at the same time as the signing of the contract, will be financed by Snam with its own resources.

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