Italy’s Snam to invest $1 billion in LNG offshore terminal

Italian energy company Snam said it will invest $1.09 billion in its LNG offshore terminal near Ravenna, Italy, which will host the FSRU BW Singapore.

The new terminal will have an annual capacity of 5 bcm of gas and start commercial activity in early 2025, the company said. Snam is preparing an offshore platform some 8.5 km from the coast of Ravenna where the new floating terminal will be moored and is focusing on the connection works to the national gas network to enable the link with the FSRU.

Snam is also developing the first carbon capture and storage project in Ravena which will make it one of the world’s largest sites for CO2 storage and the largest in the Mediterranean. The work on the first phase has reached 60%, and the first CO2 injection is expected in the early months of 202