1 Min Read
MILAN, Oct 5 (Reuters) - Italian gas grid company Snam has signed an agreement with Fiat Chrysler Automobiles (FCA) and truck maker IVECO to boost the use of compressed natural gas (CNG) in fueling vehicles.
** Snam will invest about 200 million euros ($224 million) over five years to help double the number of CNG pump facilities in Italy to more than 2,000, the three companies say
** The growth in the number of stations will be the main driver in growing Italy's CNG fleet to more than 3 million vehicles from the current 1 million
** FCA, which has the development of alternative fuel motors as a key pillar in its strategy, and IVECO both plan to develop their ranges of natural gas vehicles
** Italy is Europe's biggest market for gas-fueled vehicles; the latter consumed more than 1 billion cubic meters of gas in 2015
** Snam manages Europe's biggest gas pipeline network stretching more than 32,000 km
$1 = 0.8928 euros Reporting by Stephen Jewkes; Editing by Mark Potter