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BAKU, Azerbaijan, March 18. Income of Italian Snam company from the Trans Adriatic Pipeline (TAP) stood at 45 million euros in 2021, Trend reports with reference to the company.
“Net income from equity investments amounted to 294 million euros, an increase of 45 million euros, equal to 18.1 percent, compared to 2020. The increase is attributable to the positive contribution from TAP (+43 million euros), which came into operation on November 15, 2020, and by Industrie De Nora, a stake of which was acquired in January 2021 (+21 million euros), as well as by ADNOC Gas Pipelines (+5 million euros), which entered the Group’s scope of operations from July 2020. Interconnector contribution is also growing, due to the increase in sales of short-term capacity contracts,” said Snam.
These effects were partly offset by the lower contribution from TAG (-18 million euros), which had benefited from non-recurring items in 2020, and by DESFA (-5 million euros), mainly following the expected lower tariffs resulting from a WACC reduction as well as in other regulatory items.
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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