TAP’s Italian shareholder forecasts increase in investments in 2019-2023

Oil&Gas Materials 20 March 2020 13:15 (UTC +04:00)
TAP’s Italian shareholder forecasts increase in investments in 2019-2023

BAKU, Azerbaijan, Mar. 20

By Leman Zeynalova - Trend:

Snam, Italian shareholder of the Trans Adriatic Pipeline (TAP) project, has forecast an increase in investments for the period 2019-2023, taking them to €6.5 billion, approximately 14 percent more than in the 2018-2022 plan, Trend reports citing the company.

SnamTec (Tomorrow’s Energy Company) project investments are expected to reach €1.4 billion and are aimed at boosting Snam’s capacity to innovate and fully capitalize on opportunities offered up by the evolution of the energy system.

With the new plan through to 2023, Snam intends to strengthen its role in the use of hydrogen, increasing its presence in the biomethane segment, which is set to play a key role in the decarbonisation process and confirming the commitment made to sustainable mobility and energy efficiency. It also aims to pioneer the use of hydrogen as a clean energy carrier of the future; to this end, it has established a business unit focused on the assessment of possible pilot projects and the contribution towards the chain’s development.

In environmental terms, methane emissions will be reduced by 40 percent by 2025 (vs 2016) with respect to the 25% target set by the previous plan. A 40 percent reduction is envisaged in CO2 emissions by 2030, thanks to the start of implementation of the first six gas-electric hybrid plants, which will also help ensure the flexibility of the electricity system, and to energy efficiency in buildings. By 2030, a 40 percent reduction is also forecast in CO2 from electricity consumption, thanks to a greater use of photovoltaic.

As for the COVID-19 pandemic, to date the company is unable to reliably determine any repercussions on the 2020 results or any implications for subsequent years.

Based on the current and latest information available, also due to the nature of the business carried out by Snam, the company expects limited impact linked to the above circumstances.


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