Italian gas grid and LNG terminals operator Societa Nazionale Metanodotti (SNAM) has given a detailed update on the plans to deploy a floating storage and regasification unit (FSRU) at the port of Ravenna in the North of the Adriatic coast.

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SNAM, the Italian gas grid operator and liquefied natural gas import terminals owner, reported an almost 70 percent surge in net profits as it advanced with its latest floating LNG venture at Ravenna on Italy’s East Coast.

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Saipem, the Italian energy and LNG engineering company, was awarded a contract by Italian gas system operator SNAM for the construction of the associated facilities for the new Floating Storage and Regasification Unit (FSRU) to be located in the Adriatic Sea offshore Ravenna as Italy’s fifth import terminal.

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Italian LNG terminal and gas grid operator Snam has acquired a stake in the Egypt-Israel natural gas pipeline from Arish to Ashkelon and the transaction marks the entrance of Snam into the Eastern Mediterranean market where gas demand growth is forecast.

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