BAKU, Azerbaijan, November 7. Snam has reported a significant increase in its total investments for the first nine months of 2024, reaching 1.8 billion euros, a 46.1% rise compared to 1.23 billion euros during the same period in 2023, Trend reports.
According to the producer, a key driver of this increase has been the progress in the Ravenna hub, a vital component of Snam’s gas transportation network.
The hub’s integration into the broader infrastructure, along with the launch of the Adriatic Backbone project, played a pivotal role in boosting investment in the gas sector. Of the total investments, 50% were directed towards projects supporting Sustainable Development Goals (SDGs), while 30% were aligned with the EU Taxonomy standards, underscoring Snam's commitment to sustainability and climate goals.
Investment distribution across various business segments highlights a substantial focus on transportation, with 1.22 billion euros allocated to this area, marking a 61.2% increase from the previous year’s €757 million. Regasification saw a remarkable 94% increase, reaching 293 million euros, compared to 151 million euros in the first nine months of 2023. Storage investments also rose by 8.1%, reaching 160 million euros, up from 148 million euros in 2023.
Snam’s focus on energy transition projects also continued to grow, with investments in this sector rising by 20% to 88 million euros, up from 73 million euros last year. The Ravenna CCS (Carbon Capture and Storage) project was a key beneficiary of this increased funding, reinforcing Snam's efforts to advance sustainable energy solutions.
