Snam presents 6-bn investment plan, has deal for TAG stake
Italian company wants 'interconnection of European networks'19 March, 12:17
"The plan is aimed at further developing the gas infrastructure system in Italy, with a view to promoting the true interconnection of the European networks, increasing diversification of supply and flexibility of the system," read a company statement presenting its 2014-2017 business plan.
It said 1.3 billion euros of the six billion will be spent in 2014. Snam said it had signed a memorandum of understanding with Italian State lender Cassa Depositi e Prestiti (CDP) to buy its 89% stake in TAG, which carries Russian gas into Italy. The CDP acquired the pipeline system in 2011 for around 710 million euros.
"Snam's development strategy in Europe is progressed a step further by the signing of a Memorandum of Understanding with Cassa Depositi e Prestiti (CDP), which defines the negotiation process for the purchase by Snam of CDP's stake in TAG GmbH, the company holding transport rights in the pipeline connecting the Slovakian-Austrian border with the entry-point of Tarvisio in Italy," the statement said.
"The system is made up of three pipelines, each 380 km long (for an overall length of 1,140 km) and five compression stations, wit h a transport capacity of around 48 billion cubic meters of gas".