Snam of Italy completed the purchase of 49.9% of the equity interest directly and indirectly held by Eni in the corporations running two groups of international gas pipelines connecting Algeria and Italy earlier this week.
The transaction encompasses the onshore gas pipelines connecting Algeria and Tunisia to the Tunisian coast (TTPC) as well as the offshore gas pipelines connecting the Tunisian coast to Italy (TMPC).
The 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 euros in the transaction.
“The transaction leverages Eni and Snam’s 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. The North Africa-Europe link is a key element of progressive decarbonization at the international level in support of the energy transition,” Eni said in a statement.
