Snam's board of directors approved today, 6 October, the annual renewal of the EMTN (Euro Medium Term Note) Program launched in 2012 for a total maximum value confirmed at 10 billion euro.
The board chaired by Carlo Malacarne also decided to issue, by 6 October 2018, one or more additional bond loans, for a maximum amount of approximately 1,8 billion euros increased by the amount corresponding to the bonds repaid during the same period, to be placed with institutional investors.
The total nominal value of the bonds issued in circulation cannot in any case exceed the maximum limit of 10 billion euro. We recall that, as part of the EMTN Programme, Snam has to date issued bond loans for approximately 8,2 billion euro.
Meanwhile, CEO Marco Alverà, speaking in the Financial Times, said that China is the "elephant in the room" of the world gas market and will drive demand over the next few years. According to Alvera', the future demand for Chinese gas will be supported by the need to reduce pollution at a local level, especially the particulate emissions that cause smog. Recently, a delegation from the Chinese company Petrochina visited the Snam headquarters to examine possible future collaboration scenarios. At the Washington forum, Snam presented its first Global Gas Report on global gas market trends and future scenarios.
