Italian Snam reveals investment plans for 2019

Oil&Gas Materials 16 May 2019 09:12 (UTC +04:00)

Baku, Azerbaijan, May 16

By Leman Zeynalova – Trend:

Italian Snam company expects to invest around 1 billion euro in 2019, Trend reports with reference to the company.

Reportedly, a large amount of these funds will be allocated to replacements and maintenance, in order to continue to guarantee maximum resilience, flexibility and efficiency of the existing infrastructure.

“Additionally, approximately one quarter of the investments will focus on development initiatives, including the north-west connections, the local service and cross-border flows and the strengthening of the network in the south,” reads the report.

Snam said it will continue to focus on operating efficiency in 2019, through initiatives that will enable it to keep the level of costs more or less stable in real terms for the core business.” Regarding the financial structure, the optimisation carried out in the last three years has led to a significant reduction in the average cost of debt. The company’s management will continue to guarantee an attractive, sustainable shareholder remuneration policy, whilst maintaining a balanced financial structure.”

According to the most recent estimates, demand for natural gas in Italy will remain more or less stable through to end 2019 in respect of 2018 levels (73.2 billion m3 ), normalised for temperature, according to Snam.

Snam is Europe’s leading gas utility. It has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years. Snam operates in Italy and, through subsidiaries, Austria (TAG and GCA), France (Teréga) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union.

Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.


Follow the author on Twitter: @Lyaman_Zeyn