Italian energy group Eni and gas grid operator Snam have clinched a partnership to jointly manage their assets in the gas pipelines connecting Algeria to Italy, the companies said on Tuesday.
With Russia curtailing its gas flows to Europe, Algeria last year emerged as Rome's biggest gas supplier, making the network between the two countries a strategic infrastructure for Rome's energy security.
In a joint statement, the two companies said they would also study how to develop the network to support energy transition and promote the use of hydrogen.
The announcement follows the finalisation of a deal worth €405m (about R7.39bn) under which Snam acquired a stake in Eni's assets in companies managing the gas networks between North Africa and Italy.
In particular, Snam bought 49.9% of the equity interests held by Eni in the companies operating both the onshore gas pipelines running from the Algeria and Tunisia borders to the Tunisian coast and the offshore gas pipelines connecting the Tunisian coast to Italy.
The transaction, initially agreed in November 2021, has obtained all approvals needed in Italy and abroad.
Collaboration and deals to firm up Algeria-Italy gas pipeline partnership
Italians look elsewhere after Russia closes energy door
Image: 123RF.COM
Italian energy group Eni and gas grid operator Snam have clinched a partnership to jointly manage their assets in the gas pipelines connecting Algeria to Italy, the companies said on Tuesday.
With Russia curtailing its gas flows to Europe, Algeria last year emerged as Rome's biggest gas supplier, making the network between the two countries a strategic infrastructure for Rome's energy security.
In a joint statement, the two companies said they would also study how to develop the network to support energy transition and promote the use of hydrogen.
The announcement follows the finalisation of a deal worth €405m (about R7.39bn) under which Snam acquired a stake in Eni's assets in companies managing the gas networks between North Africa and Italy.
In particular, Snam bought 49.9% of the equity interests held by Eni in the companies operating both the onshore gas pipelines running from the Algeria and Tunisia borders to the Tunisian coast and the offshore gas pipelines connecting the Tunisian coast to Italy.
The transaction, initially agreed in November 2021, has obtained all approvals needed in Italy and abroad.
READ MORE:
Russian mercenary firm claims strategic Ukrainian town of Soledar
World is in its 'first truly global energy crisis' — IEA's Birol
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos