The Government argues that TAP, and since the aviation market is “circumstantially altered”, should start exploring new routes, possibly shorter and, until now, not yet explored.
In Parliament, where he was this Tuesday morning, the Minister of Economy said that this is one of the hypotheses on the table to try to monetize the company’s resources. Although not mentioning which routes may be these, Pedro Siza Vieira said that the matter is being analyzed by Turismo de Portugal.
“Right now, with less activity and, therefore, with a fleet that is inactive, it may eventually be possible to use part of TAP’s capacity to serve some destinations that TAP would not normally serve due to the logic of its network. We know that in Europe point-to-point is done essentially by other types of companies and we know that the larger companies are dedicated to transatlantic traffic and connections to other destinations. At this moment I think there is a reason for TAP to be able to do other types of routes and operations, taking advantage of its capacity ”, explained the Minister of Economy.
The Government announced last Thursday that it had reached an agreement with TAP’s private shareholders, now holding 72.5% of the airline’s capital, for 55 million euros.
“In order to avoid the collapse of the company, the Government opted to reach an agreement for 55 million euros”, said the Minister of Finance, João Leão, in a joint press conference with the Minister of Infrastructure and Housing, Pedro Nuno Santos , in Lisbon.
The State thus increases the participation in TAP from the current 50% to 72.5%.
The European Commission approved on 10 June a “Portuguese emergency aid” to TAP, a state support of up to 1,200 million euros to respond to “immediate liquidity needs” with predetermined conditions for its repayment.
Since TAP was already in a weak financial position before the covid-19 pandemic, the company “is not eligible” to receive state aid under the more flexible Brussels rules due to the outbreak, which are aimed at “companies that otherwise they would be viable “.