Snam presents 6-bn investment plan, has deal for TAG stake

IMG class=hide alt=”Snam presents 6-bn investment plan, has deal for TAG stake” src=”http://www.mineralfossil.com/wp-content/uploads/2014/03/wpid-8eab0d744fc0a87e1c5d76f81c31f5fc.jpg” (ANSA) – Rome, March 19 – Italian gas-transportation company Snam announced Wednesday that it will invest six billion euros in its grid between now and 2017 and said it had a deal to buy a stake in the TAG gas-pipeline system. P”The plan is aimed at further developing the gas infrastructure system in Italy, with a view to promoting the true interconnection of the European networks, increasing diversification of supply and flexibility of the system,” read a company statement presenting its 2014-2017 business plan./PPIt said 1.3 billion euros of the six billion will be spent in 2014. Snam said it had signed a memorandum of understanding with Italian State lender Cassa Depositi e Prestiti (CDP) to buy its 89% stake in TAG, which carries Russian gas into Italy. The CDP acquired the pipeline system in 2011 for around 710 million euros./PP”Snam’s development strategy in Europe is progressed a step further by the signing of a Memorandum of Understanding with Cassa Depositi e Prestiti (CDP), which defines the negotiation process for the purchase by Snam of CDP’s stake in TAG GmbH, the company holding transport rights in the pipeline connecting the Slovakian-Austrian border with the entry-point of Tarvisio in Italy,” the statement said./PP”The system is made up of three pipelines, each 380 km long (for an overall length of 1,140 km) and five compression stations, wit h a transport capacity of around 48 billion cubic meters of gas”./P
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