TAP shareholder plans to invest around 1.5B euros until 2020
By Trend
Spain’s Enagas company plans to invest a total of approximately 1.450 billion euros until 2020, said the company’s executive chairman Antonio Llarden.
He made the remarks during the company’s general shareholders’ meeting held March 31.
In relation to the European gas market, Antonio Llarden pointed out that among the European Commission’s objectives are diversification of supply and market integration.
“Enagas participates in two key projects for the purpose of achieving these goals: the Midcat/Step Project, which will allow interconnection capacity between Spain and the rest of Europe through France to be doubled; and the Trans Adriatic Pipeline (TAP), a key pipeline for securing supply, and which will connect Turkey with Italy, passing through Greece, Albania and the Adriatic Sea,” he added.
Further, during the meeting, the company’s chief executive officer Marcelino Oreja explained the figures for 2016, a year in which Enagas recorded net profits of 417.2 million euros, representing an increase of 1.1 percent compared to the previous year.
Moreover, the shareholders approved the appointment of a new independent director, Luis García del Río, to replace Ramon Perez Simarro, who finalizes his term after 12 years on the Board of Directors.
Enagas is Spain’s leading natural gas transmission company and technical manager of the Spanish gas system. It has a 16-percent share in the TAP project, which envisages transportation of Azerbaijani gas to Europe.