(Bloomberg) ? Golar LNG Ltd., a Bermuda-based owner of liquefied natural-gas tankers, agreed to buy a 20 percent stake in OLT Offshore LNG Toscana SpA, a project to develop a liquefied natural-gas terminal off the coast of Italy.

The transaction includes the planned sale of the LNG carrier Golar Frost to OLT, Golar said last week in a statement to the Oslo Stock Exchange. The carrier will be converted into a floating terminal 20 miles off the coast of Livorno. The project was approved by the Italian government in February, according to filings made by Golar LNG to the Securities & Exchange Commission. The company didn?t disclose a price for the stake.

Golar?s chairman is Norwegian shipping billionaire John Fredriksen, who is Golar?s largest shareholder through his closely held World Shipholding Ltd.

LNG is gas cooled to liquid form.