BAKU, Azerbaijan, May 12
By Leman Zeynalova - Trend:
Italian Snam’s associate company attributable to the Trans Adriatic Pipeline (TAP) brought 16 million euros worth contribution to the company’s net income from equity investments in the first quarter of 2021, Trend reports citing Snam.
“Net Income from equity investments amounted to 69 million euros, up by 17 million euros (+32.7%), compared with the first quarter of 2020, mainly as a result of the positive contribution from Group’s foreign associate companies attributable, in particular, to TAP (+16 million euros), which started operations on 15th November 2020, and, from July 2020, to the entry of ADNOC Gas Pipelines into the Group's perimeter, as well as of page 4 / 16 Industrie De Nora, finalised in January 2021,” said Snam.
These effects were partly offset by the expected lower contribution from Desfa as a result of lower tariffs related to the reduction in the recognised WACC and other regulatory parameters, and TAG, according to the company.
As the European section of the Southern Gas Corridor, TAP has the capacity to transport approximately 10 billion cubic meters of gas per annum (bcm/a) to several markets in Europe. The pipeline is also designed with the potential to expand its throughput capacity up to 20 bcm/a.
As a key part of the Southern Gas Corridor, TAP is strategically and economically important to Europe and essential in providing reliable access to a new source of natural gas. TAP plays a significant role in boosting Europe’s energy security, supply diversification, as well as decarbonisation objectives.
TAP’s shareholding is comprised of bp (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).
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