Snam announces expected cash flow from TAP
Baku, Azerbaijan, March 16
By Leman Zeynalova – Trend:
Italy’s Snam company, which is one of the shareholders of the Trans Adriatic Pipeline (TAP), envisaging transportation of Azerbaijani gas to Europe is 240 million euros, said a message from the company.
“In 2018 Snam expects to achieve a net profit of about 975 million euros and a debt level of 11.5 billion euros, assuming a neutral working capital and taking into account a cash flow from TAP of approximately 240 million euros,” said the company.
Moreover, the contribution from the associates (Italgas in Italy, TAG and GCA in Austria, TIGF in France, TAP, Interconnector in the UK) is confirmed to reach about 200 million euros in 2021, consolidating Snam’s European leadership.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016.
Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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