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Albgaz, Snam sign gas pipelines JV deal in Albania

Gasoil News - Published on Thu, 14 Jun 2018

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Reuters reported that Snam has signed a joint-venture deal with Albania's newly-created Albgaz to provide operational and maintenance services for gas pipelines in Albania. Albania is looking to make the most of the opportunities offered by the arrival of gas in 2020 by the Trans Adriatic Pipeline, of which Snam is one of the shareholders, but requires investment to bring its gas infrastructure up to scratch.

State-owned Albgaz, created in January last year, will distribute natural gas in Albania but has said the system requires "massive rehabilitation works". Albgaz manages 500 km of gas pipes built 40 years ago.

The Italian company said in a statement that "The joint venture will be 75 percent owned by Albgaz and 25 percent by Snam."

Albanian officials told Reuters that Albgaz will issue a statement on Tuesday.

Meanwhile, the planned joint venture follows the purchase of a majority stake in neighbour Greece's DESFA gas grid operator in April for EUR 535 million by a consortium led by Snam.

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Posted By : Nanda Koijam on Thu, 14 Jun 2018
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