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Oil & Gas

Snam joining Eni in Mediterranean gas trunkline system

Snam
Posted: March 16, 2022 at 10:27 pm   /   by   /   comments (0)

Eni has agreed to sell Snam a 49.9% stake in companies operating two pipeline systems taking gas from Algeria to Italy.

These comprise the offshore gas pipelines from the Tunisian coast to Italy and the onshore gas pipelines from the Algeria and Tunisia borders to the Tunisia coast.

Under the agreement, Eni will transfer its stakes in the two pipelines to a newly incorporated Italian company (NewCo) in which the company will continue to hold 50.1% stake, with the remaining 49.9% sold to Snam for Eur385 million ($437 million).

The companies also see spin-off potential for hydrogen-related development initiatives.

(Source: Offshore)