Italy's Snam is working on a bid for a stake in a $6 billion natural gas pi...
MILAN/LONDON/NEW YORK - Italy’s Snam is working on a bid for a stake in a $6 billion natural gas pipeline in the United States in what would be the gas group’s first foray outside Europe, four sources told Reuters.
The 713-mile Rover pipeline can carry 3.25 billion cubic feet of gas daily from the Marcellus and Utica shale plays in Appalachia. Snam and JPMorgan declined to comment while Energy Transfer was not immediately available for comment. Additionally, returns on pipeline investments in the United States are generally higher than in Europe where many grids are run with regulated tariffs.
Snam, led by Chief Executive Marco Alverà, may submit a joint bid with some financial investors to boost its firepower, one of the sources said.
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