Snam approves purchase of TAG pipeline stake
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
Italian gas grid operator Snam has approved the purchase for €505 million (US$ 654 million) of an 89.2% stake in the TAG pipeline carrying Russian gas into Italy, the company said last week.
The acquisition of the stake from Italian state lender Cassa Depositi e Prestiti (CDP) is part of Snam's four year business plan to 2017, which was unveiled in March.
Snam will raise the money to pay for the stake through a capital increase reserved to CDP GAS, an investment vehicle owned by CDP, it added in a statement.
Edited from source by Elizabeth Corner
Source: Reuters
Read the article online at: https://www.worldpipelines.com/business-news/15092014/snam-approves-purchase-of-tag-pipeline-stake/
You might also like
The World Pipelines Podcast - GERG and the future of Europe's gas pipelines
A conversation about the role of GERG in European gas pipeline innovation, research, and decarbonisation strategy. Featuring Alexandra Kostereva, Operations Manager at GERG (European Gas Research Group).
Tune in to the World Pipelines Podcast on your favourite podcast app today.
