Malacarne said that some companies such as BP and Statoil might not have a strong interest in remaining in the consortium as the project matures. "We are ready to evaluate buying up to 20 percent of the project,"- Malacarne. He thinks that as gas buyers are signing binding, long-term ship-or-pay contracts for the Azeri gas, the transmission revenue is guaranteed and this opened the way for regulated infrastructure players like Snam to enter the project. He declined to comment on the price, but insiders say a 20 percent TAP stake could be valued at around 400 million euros. Malacarne said ship-or-pay contracts of up to 20 years make the TAP project attractive for Snam, which is analysing the possibility of participating. "It could be an opportunity because the risk profile is very similar to our regulated risk profile." Malacarne said Snam would make a similar evaluation about a possible equity stake in Italian utility Enel's project to build an LNG terminal in Porto Empedocle, Sicily, but only if the Italian regulator sets new rules for the LNG plant construction business. Snam only transports gas, it does not buy or sell gas itself, and the LNG terminal is a market-driven project not completely subject to regulated tariffs. "We are ready to invest if new rules are set by the regulators to cover the commodity risk in LNG," Malacarne said.