Italy's Snam eyes green opportunities

MILAN (Reuters)Italian gas grid distributor Snam is looking at green fuel opportunities, its chief executive told Reuters on Thursday after the group raised its guidance for 2024 financial results.

The €15-B group—which has Europe's largest gas transmission network and manages both storage assets and liquefied natural gas (LNG) terminals in Italy—is leading a European project to build a pipeline for green hydrogen (H2).

It is also working with Eni on a pilot project to offer carbon capture, transport and storage services in Italy and, separately, support the production of green gases.

In February, Snam started sounding out the market for H2 demand in Italy and gathering expressions of interest for carbon dioxide (CO2) transport and storage services.

"Some 150 companies have taken part in the market sounding," Snam's CEO Stefano Venier said, adding this showed a concrete, albeit preliminary, interest for these two decarbonization tools the group aims to offer.

Venier also said that the group had bought 30 plants producing biogas and would upgrade them into biomethane plants.

Biomethane, which is the result of the treatment and purification of biogas, can be used for heating, cooking and all of the same uses as fossil fuel gas but as a byproduct of organic matter is considered renewable and carbon neutral.

The group aims to produce 135 MMm3y of biomethane by 2027 under its business plan.

(Reporting by Francesca Landini, editing by Gavin Jones and Keith Weir)

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