TAP's shareholding is comprised of BP (20%), SOCAR (20%), Snam
(20%), Fluxys (19%), Enagas (16%) and Axpo (5%).
The ECP programme will diversify Snam
's short-term financing sources.
Reverse flow, which are one of the key aspects of Snam
's strategic plan, will enable two-way flows of gas to central and northern Europe and the European hubs, in line with the Third European Directivem, the report said.
specialises in the construction and management of gas infrastructures and is engaged in the transport, regasification, storage and distribution of natural gas.
Fluxys will bring, among others, its pipelines in Germany and Switzerland into the joint venture, while Snam
will contribute its gas network in southern France.
By joining forces Snam
and Fluxys would become a key player in Europe, interconnecting markets as envisaged in the blueprint set forth in the Third Energy Package, Carlo Malacarne (CEO Snam
) and Walter Peeraer (Managing Director Fluxys) said at the signing ceremony.
The issue, which is part of Snam
's euro medium-term note (EMTN) programme, was placed with institutional investors.
SpA (SRG), an Italian gas network, is to source a bridge loan from four banks.
Eni is expecting to sell its stakes in Italian gas transport group Snam
and Portugal's Galp Energia, which have a market value of around 10 billion euros, before 2014.
Flows of gas via the Transmed pipeline, which crosses Tunisia just south of the capital Tunis, have tumbled from around 95 million cubic metres a day in early January to just 53 mcm/day this week, according to an Italian gas industry source and pipeline operator Snam
Rete Gas (SRG: IM), a company engaged in the management of natural gas transportation and distribution services in Italy, has announced an operation update for the Offshore LNG Toscana regasification terminal (OLT).