Baku, Azerbaijan, August 23
By Leman Zeynalova – Trend:
Italy’s Snam company remains committed to the investment criteria set in its plan, a source in the company told Trend.
Snam, which is one of the shareholders of the Trans Adriatic Pipeline (TAP) project, envisaging transportation of Azerbaijani gas to Europe, is participating in the tender for privatization of Greek natural gas grid operator DESFA.
Snam has expressed interest in DESFA tender in a consortium with Spanish Enagas, Belgian Fluxys, which are also TAP shareholders and Nederlandse Gasunie.
The source pointed out that the company is committed to maintaining its current credit rating metrics and risk profile.
“The investment needs to generate accretive returns. Regarding this point, the economic benefit is closely linked with the regulation in Greece. In September we expect a review of the regulation which are going to inevitably be part of any discussion between the government and any of the buyers and will be relevant for the assessment of possible returns,” said the source, adding that the company also aims to enhance the value of its infrastructure.
Six investment schemes have expressed their interest to acquire 66 percent of share capital of the Greek natural gas grid operator DESFA.
In particular, expressions of Interest were submitted by: Macquarie Infrastructure and Real Assets (Europe) Limited; Snam S.p.A./ Enagás Internacional S.L.U./ Fluxys S.A./ N.V. Nederlandse Gasunie; Transgaz S.A. / GRTgaz S.A.; Regasificadora del Noroeste S.A.; Integrated Utility Services Inc. (INTUS) and Powerglobe LLC.
The new tender will involve again the sale of DESFA’s 66 percent (31 percent held by HRADF and 35 percent held by Hellenic Petroleum). The remaining 34 percent of DESFA shares shall be transferred to the government.
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