Snam, Enagas to study Spain-Italy gas pipe
Italy's Snam has signed a memorandum with Spain's Enagas on undertaking a feasibility study into the construction of a gas pipeline to link the two countries, Snam said in an earnings report on May 12.
In its report, Snam said the project would help Italy and Europe further diversify its gas supply. Italy receives close to 40% of its gas supply from Russia's Gazprom, but is looking to phase out these imports in the wake of Moscow's invasion of Ukraine, largely through an expansion of its LNG regasification capacity. Spain has some 67bn m3 of regasification capacity, but this is significantly underutilised, as the amount of gas it can pump to France is limited by bottlenecks at the border.
"[Snam] is working to take the necessary initiatives to contribute to [energy] security and to support the diversification of energy supply in Italy," CEO Stefano Venier commented.
Snam enjoyed a 5.2% year/year uptick in EBITDA in the first quarter of 2022 to €588mn ($612mn), on the back of a 15% growth in revenues to €808mn. Net debt was down to €12.6bn as of March 31, from €14bn three months earlier, and net profit increased 3.8%, to €325mn.