"South Stream was an investment in infrastructure flexibility, not a diversification of sources: unlike Tap, which is a new source of supply, it was always Russian gas". With these words Carlo Malacarne, CEO SnamComments the halt to the pipeline project announced last night by Russian President Vladimir Putin.
"It had never been considered strategic for procurement - he added -, but it was a flexibility tool to better manage geopolitical criticalities". On the other hand, the manager reiterated the strategic nature of the Tap pipeline, recalling that "Snam's investments in Italy for the Tap connections are already in the plan".
At the end of the morning, the Snam share on the Stock Exchange was trading at parity, at 4,24 euros.
As for gas consumption, yesterday Malacarne had announced that in 2014 "they will amount to around 65 billion cubic metres, down by 5/6% compared to 2013". The contraction in gas demand, continued the CEO, reflects "the economic recovery that is struggling to take off".
Finally, Malacarne today received the “2014 Infrastructure Development Award”. The presentation of the award took place during the XNUMXth annual workshop “The new frontiers of infrastructural development. Technological innovation and international opportunities”, which took place in Rome at the Auditorium in via Veneto.
The prize was awarded for the skills demonstrated in the "management of the delicate separation from Eni with a view to connecting the European gas networks". After the award ceremony, Malacarne took part in the round table entitled "Development opportunities in the global infrastructure market", which also recorded speeches by Franco Bassanini (Cassa Depositi e Prestiti), Ernesto Ferlenghi (Confindustria Russia), Riccardo Monti (ICE ), Vittorio Ogliengo (Unicredit). The debate was moderated by Professor Andrea Gilardoni of Bocconi University.
The event was an opportunity to comment on the 2014 report on the costs of not doing, promoted by Agici, which quantifies the economic, social and environmental effects of the failed or delayed construction of strategic plants and infrastructures for Italy. During the conference, proposals were made aimed at stimulating infrastructural development by simplifying the construction procedures, reorganizing the authorisation/construction processes and redefining the roles of the various subjects involved in the infrastructure construction processes: businesses, the political system, the public administration the lenders.
