Snam investments expected to be around 1B euros in 2019
Baku, Azerbaijan, Aug.2
By Leman Zeynalova – Trend:
In 2019, investments to be made by Italy’s Snam company are expected to be around 1 billion euros, with a confirmed focus on replacements and maintenance, in order to continue to guarantee maximum resilience, flexibility and efficiency of existing infrastructure,Trend reports citing the company.
Additionally, over one quarter of the investments will focus on development initiatives, including the northwest connections, local service and cross-border flows and the strengthening of the network in the south, reads a report released by Snam.
“In 2019, Snam will continue to focus on operating efficiency, through initiatives that will enable it to keep the level of controllable costs more or less stable in real terms, on a constant basis. As regards 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 appealing, sustainable remuneration of its shareholders, whilst maintaining a balanced financial structure,” said the company.
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