Eni and energy infrastructure company, Snam, has closed a deal for the latter to acquire 49.9% of the equity interest in companies operating gas pipelines connecting Algeria to Italy.
The scope of the transaction includes the onshore gas pipelines running from the Algeria and Tunisia borders to the Tunisian coast (Trans Tunisian Pipeline Company – TTPC), and the offshore gas pipelines connecting the Tunisian coast to Italy (Trans Mediterranean Pipeline Company – TMPC).
These ownership interests were transferred by Eni to a new company (SeaCorridor S.r.l.), of which Snam has acquired 49.9% of the share capital, while the remaining 50.1% continues to be held by Eni. Eni and Snam will exercise joint control of SeaCorridor under joint governance arrangements.
Snam paid Eni a total consideration of about €405 million in the transaction.
Eni said the transaction leverages the companies’ respective areas of expertise in gas transport on a strategic route for the security of Italy’s natural gas supply, enabling potential development initiatives within the hydrogen value chain also thanks to the natural resources North Africa has to offer. It said the North Africa – Europe link is a key element of progressive decarbonisation at the international level in support of the energy transition.
The transaction has obtained the authorisations envisaged under antitrust legislation and so-called golden power legislation, consent from the Tunisian government as well as the approval of the shareholders and corporate bodies of the various target companies, Eni said.