Brussels, 30/07/2012 (Agence Europe) - On 27 July, the European Investment Bank (EIB) and the Italian Cassa depositi e prestiti (CDP) approved a 20-year finance contract totalling €400 million for Snam Spa, aimed at supporting the group's multiannual investment programmes. An initial tranche of €300 million, already provided by the EIB, is being deployed, while a second tranche will be made available between now and the end of the year. CDP's Board of Directors also approved an additional 10-year loan of €400 million for Snam.
The loans will be used to help build two new gas pipelines in northern Italy and the plant to connect them to the existing grid, aimed at boosting the security of gas supply and giving the network greater flexibility. The first gas pipeline, around 150 kilometres long, is located between Poggio Renatico (Emilia Romagna) and Cremona. The second, around 170 kilometres long, is between Zimella (Veneto) and Cervignano (Lombardy). The plant to connect the Zimella-Cervignano pipeline to the national gas grid will be located in Sergnano in Cremona province. The infrastructure work, the total cost of which is estimated at some €950 million, will improve the transmission network in a strategic geographic area within Italy's gas system. (OL/transl.rt)