EMEA News
Italian Terminal Could Offer LNG Bunkers
A planned liquefied natural gas (LNG) terminal at the port of Monfalcone in northeastern Italy could provide LNG bunkers for ships, Reuters reports.
A consortium of 12 companies, known as Smart Gas Monfalcone, is investing €110 million ($150 million) on the terminal, which will be able to import as much as 800 million cubic metres (mcm) of the fuel each year, in an effort to reduce members' energy costs.
The companies involved in the plan will use about 650 mcm of the output, and they are seeking opportunities to sell the remainder for transportation purposes, including ship fuel.
Italy now gets much of its energy from natural gas imported by pipeline from Algeria, Russia, and Libya.
"We're hoping that in the next few years LNG prices will fall, especially if the United States starts exporting its shale gas," said Alessandro Vescovini, chairman of SBE Varvit, a metal parts maker that is a consortium member.
A December report from the Baltic and International Maritime Council (BIMCO) found that LNG bunkering is on the rise as more bunkering facilities are built in Europe and elsewhere.
