Snam to invest $8.8 billion in Italy's gas network

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Associated Press

Posted on March 13, 2012 at 4:01 AM

MILAN (AP) — Snam SpA, the natural gas distribution unit of Italian oil company Eni, says it plans to invest €6.7 billion ($8.8 billion) to develop the gas infrastructure network in Italy.

Snam said the investment is aimed at creating a southern European gas hub and includes an investment of €1.4 billion this year.

The company plans to add 1,000 kilometers to the 32,000-kilometer gas network, while developing two-way gas flows to allow transit from southern to northern Europe.

Premier Mario Monti has stipulated the sale of Snam as part of his government's economic program to improve competition. Snam said Monday that it would seek to raise capital by the end of the year to refinance debt.

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