Saipem SpA is building a floating liquefied natural-gas storage terminal at Dubai World unit Drydocks World LLC’s ship-building yard, for the Italian gas company OLT Offshore LNG Toscana.

Saipem is converting the LNG carrier “Golar Frost” into a floating
regasification unit that will have a storage capacity of 137,000 cubic
meters of LNG and a production capacity of 3.75 billion cubic meters a
year, Drydocks said in an e-mailed statement today.

The floating terminal, where LNG is stored, will be permanently moored
offshore at Livorno, Italy, and connected to the mainland by pipeline
once complete in mid-2010, the statement said.

The facility is Drydock’s first floating storage regasification unit, it said.

OLT shareholders include E.ON AG, Germany’s largest utility and LNG tanker owner Golar LNG Ltd.

Source: Bloomberg

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