Italian FLNG to Work at Full Cap in 2019-2020
Italy’s Offshore LNG Toscana (OLT) terminal is fully booked for the 2019-2020 gas year, meaning it will operate at 100% capacity during the period, its operator said on September 10.
All 41 the plant’s booking slots have been filled, OLT reported in a statement. The terminal off the coast of Italy’s Livorno province can regasify up to the equivalent of 3.75bn m3/yr of LNG. Italian utility Iren Group has a 49.1% stake in the project, while global asset manager First State Investments has 48.2% and Bermuda-based gas shipping group Golar LNG has 2.7%.
OLT also reached near-full utilisation in the 2018-2019. The higher intake this year comes amid rising LNG supplies to Europe as a result of new US project start-ups and weaker demand in Asia. According to the terminal’s operator, US LNG accounts for 36% of the cargoes it has received.
OLT also attributed the rise in imports to a new auction-based capacity allocation mechanism introduced last year.