Italy’s Snam invests $250m in UAE’s ADNOC gas pipelines with expected returns of 10%

Italy’s Snam invests $250m in UAE’s ADNOC gas pipelines with expected returns of 10%

RIYADH: Italian energy infrastructure company, Snam will invest a total of $250 million in UAE state-owned oil company The Abu Dhabi National Oil Co. with expected returns of 10 percent, Al Arabiya reported, citing Snam’s CEO. Snam is planning to use the investment to enter the region with an industrial asset, as well as to sell and promote the firm’s technologies capable of catering to a future of hydrogen, the CEO disclosed. The energy firm is planning on having a parallel system of hydrocarbons and hydrogen running in parallel for many decades toc come, he revealed. This system offers a seamless way to shift from fossil energy to complete renewable energy, the CEO stressed. Snam is currently very active in Saudi Arabia through the investment of providing electrolyzers to NEOM city, he added. Saudi Arabia, the UAE, and the Gulf region as a whole pose as birthplaces for hydrocarbon and renewable energy, which are projected to lead the hydrogen revolution in the near future, the CEO emphasized.