BAKU, Azerbaijan, March 19
By Leman Zeynalova – Trend:
Net income of Italian Snam from equity investments totalled 249 million euros, an increase of 33 million euros, up 15.3 percent, compared to the figure posted in 2019, Trend reports citing the company.
This growth, including one-offs or temporary effects, is attributable to the positive contribution by the Trans Adriatic Pipeline (+22 million euros) after the gas pipeline began operating already on 15 November 2020, as well as to nonrecurring items that led to higher than expected results, in addition to TAG (+10 million euros), following the recognition of tariff components relating to the end of the regulatory period, plus the positive result of ADNOC Gas Pipeline (+20 million euros), an equity investment acquired in July 2020.
These effects were partially offset for the tariff updating by the smaller contribution from Teréga (-9 million euros), which in 2019 benefited from non-recurring items, and from Interconnector UK (-7 million euros), due to lower capacity commitments in 2020 with respect to the previous year.
Trans Adriatic Pipeline (TAP) AG confirmed on Dec. 31 the commencement of gas flows from Azerbaijan. The first gas has reached Greece and Bulgaria, via the Nea Mesimvria interconnection point with DESFA, as well as Italy, via the Melendugno interconnection point with SNAM Rete Gas (SRG).
TAP transports natural gas from the giant Shah Deniz field in the Azerbaijan sector of the Caspian Sea to Europe. The 878 km long pipeline connects with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
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