Snam approves the 505 million capital increase which will serve to acquire the stake of Cdp Gas in the Austrian Tag. The green light came this morning from the shareholders' meeting. The transaction provides for the exclusion of the option right, which will be reserved for the Cassa, which will in exchange sell its stake in the company that owns the transport rights relating to the Austrian section of the gas pipeline linking Russia and Italy.
“This is an important acquisition and in line with our strategic plans – commented Carlo Malacarne, CEO of Snam -. Not only because the pipeline is the main source of imports in Europe, but because it is also strategic at a European level, it connects the Eastern countries close to us. Having the opportunity to exploit this asset will allow for maximum imports into Italy and to improve connections with Eastern European countries in the future”, with a view to bi-directional flows.
At the end of the morning, the Snam stock on the Stock Exchange was up by 1,18%, at 4,126 euro.
As for the Tap, "the government's task is to accelerate as much as possible the discussions that are still taking place in Puglia on the authorization aspects" because the Tap gas pipeline is an "important and strategic project - added Malacarne -. There is a very heavy discussion with local groups on the landing, whether in the north or south of Puglia. The approach of the government and the Ministry of Economic Development is to seek an agreement on where to land and then the service conferences will decide”.
However, Malacarne hoped that an agreement could be reached at the local level "before going tout court to the Government", even if times are short. “In 2016 at the latest we need to start work – he concluded – this means that by mid-2015 there must be authorizations, 2015 is a year of junction for all authorisations. The next few months are decisive because then the works have to start".
