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Snam reveals income from TAP

Oil&Gas Materials 9 November 2021 11:23 (UTC +04:00)

BAKU, Azerbaijan, Nov.9

By Leman Zeynalova – Trend:

Net income of Italian Snam company, a shareholder of the Trans Adriatic Pipeline (TAP) from equity investments in TAP stood at 49 million euros in the first nine months of 2021, Trend reports with reference to the company.

“Net income from equity investments amounted to 212 million euros, up by 49 million euros (+30.1 percent) compared with the first nine months of 2020, mainly due to the positive contribution of foreign associate companies, in particular TAP (+49 million euros), in operation from 15th November 2020, and ADNOC Gas Pipelines (+17 million euros), which entered the Group’s scope of operations from July 2020, as well as Industrie De Nora (+11 million euros), a transaction completed in January 2021,” said 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 percent), SOCAR (20 percent), Snam (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

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