BAKU, Azerbaijan, Nov.9
By Leman Zeynalova – Trend:
In a moment of high spike and volatility in gas prices and of strain in supplies globally, Snam is increasing its investments to contribute to Italy’s energy security which today is in a better shape than other European peers thanks to its storage capacity and the entry into service of the Trans Adriatic Pipeline, Marco Alverà, CEO of Snam, one of TAP shareholders, said, Trend reports.
“Results in the first nine months show the solidity of our core business, the growth in new associate companies such as De Nora and the continuous attention to optimising the company’s financial structure,” he said.
Snam’s total revenues stood at 2,334 million euros (+14.9 percent compared with the first nine months of 2020), due to increased investments in the regulated core business.
Adjusted EBITDA amounted to 1,716 million euros (+2.8 percent), due to regulated core business development and the group adjusted net profit was equal to 938 million euros (+7.4 percent), as a result of positive operating performance, contribution from associate companies and the continuous optimisation in the financial structure with an average cost of debt below 1 percent.
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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