BAKU, Azerbaijan, November 10. Total investments of Italian Snam for the first nine months of 2023 amounted to 1,232 million euros, slightly lower than the 1,309 million euros recorded in the same period of 2022 (inclusive of the FSRU Golar Tundra acquisition), Trend reports with reference to the company.
Notably, 53 percent of these investments align with the Sustainable Development Goals, and 37 percent are in accordance with the European Taxonomy.
Capital expenditure saw a substantial increase, reaching 1,143 million euros, reflecting a notable surge of 29.4 percent compared to the first nine months of 2022. The increased expenditure was particularly driven by enhanced investments in the gas infrastructure business, specifically focused on the upgrading work at the Piombino terminal. Segment-wise, capital expenditure included allocations for the transport segment (757 million euros), regassification (151 million euros), storage (148 million euros), and energy transition businesses (73 million euros).
In addition to these investments, 410 million euros were associated with the acquisition of a 49.9 percent stake in SeaCorridor.
Net income from equity investments stood at 248 million euros, remaining largely consistent with the performance in the first nine months of 2022, displaying a marginal decline of 0.8 percent. International equity investments played a significant role, with increased contributions from the Greek associate DESFA. This was driven by auction premiums obtained on the export point to Bulgaria and the entry point from the LNG terminal. However, these gains were offset by a decrease in the contribution of the Austrian subsidiary TAG due to the expiration of a majority of its long-term transport contracts and a decline in gas volumes imported into Italy from the Tarvisio entry point. The performance of foreign subsidiaries, including Interconnector Limited, was impacted by regulatory constraints.
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