European Investment Bank allocates a large loan to Snam

Baku. 11 December. REPORT.AZ/ Italian company Snam and the European Investment Bank (EIB) signed a loan agreement worth 373 million Euro. Report informs, the financial aid allocated to expand the network of gas contracts of Snam company.

According to the information, these funds will also be used to optimize the financial structure of Snam. The main purpose of the investmentwith total cost of 750 million EUR is regulation of reverse projects.

These investments will create the conditions for the implementation of the "hub" in the direction of Central and Northern Europe in the framework of the requirements of the Third European Directive.

The agreement is aimed at developing gas corridor North-South, and the right to participate in the acquisition of 20% stake in the project of the Trans Adriatic Pipeline (TAP).

373 million Euro allocated to Snam for the period of 20 years.

Recall that in early December, the Norwegian company Statoil has extended the information on sale to Snam the 20% stake in TAP project for 208 mln. Euros.