TAP shareholder plans earnings rises

Baku. 7 November. REPORT.AZ/ Italian gas group Snam, a shareholder in Transadriatic pipeline (TAP) expects to deliver higher earnings and dividends under a new plan which will see it spend more on its network and new green businesses.

Report informs citing Reuters that Europe’s biggest gas pipeline operator said on Wednesday it expected net profit to rise by an average of more than 4 percent per year and dividends by 5 percent to 2022.

The company said it would invest around 85 percent of its 5.7 billion euro ($6.5 billion) spending programme on its transport network, while earmarking 200 million euros for new green businesses.

Snam makes most of its revenue from gas transport and is looking to make Italy a European gas hub.

It is investing heavily in the Trans Adriatic Pipeline which will bring Azeri gas into Italy in 2020 and upgrading connections in the north to boost cross-border flows.