Eni-Snam partnership on gas pipelines between Algeria and Italy – Economy

Eni-Snam partnership on gas pipelines between Algeria and Italy – Economy
Eni-Snam partnership on gas pipelines between Algeria and Italy – Economy

(ANSA) – MILAN, 27 NOV – Eni and Snam have signed an agreement for the sale by Eni of 49.9% of the investments held directly and indirectly by the latter in the companies that manage the two groups of international gas pipelines that connect Algeria to Italy, in particular the onshore gas pipelines that extend from the border between Algeria and Tunisia to the Tunisian coast (the TTPC) and the offshore gas pipelines that connect the Tunisian coast to Italy (the TMPC). This was announced in a joint statement: the operation is worth 385 million.

The transaction provides for the conferral of these investments by Eni in a newly established Italian company (NewCo), of which Eni will continue to hold 50.1%, while the remaining 49.9% will be sold to Snam for an amount of 385 million euros. Snam will finance the payment of the consideration through its own means. The agreement “allows for the synergistic enhancement of the respective skills of Eni and Snam on a strategic route for the security of natural gas supplies in Italy, fostering potential development initiatives in the hydrogen value chain from North Africa”, he adds. the joint statement.

“This operation allows us to free up new resources to be used in our energy transition path, while maintaining with Snam the management of a strategic infrastructure for the security of supplies to the country”, comments Eni’s CEO, Claudio Descalzi.

Snam’s CEO, Marco Alverà, explains that “this agreement consolidates our central role in the security of supply in Italy and in the transport of energy from the Mediterranean area”. (HANDLE).

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EniSnam partnership gas pipelines Algeria Italy Economy

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