ENI AND SNAM, PARTNERSHIP AGREEMENT ON GAS PIPELINES BETWEEN ALGERIA AND ITALY FINALIZED: SEACORRIDOR, THE EQUAL GOVERNANCE COMPANY, IS BORN
Today the purchase transaction by Snam of 49.9% of the shareholdings held (directly and indirectly) by Eni in company who manage the two groups Of pipelines international links that connectAlgeria all’Italiaespecially the onshore pipelines extending from the border between Algeria e Tunisia up to the Tunisian coast (the so-called TTPC pipeline) and the offshore pipelines linking the Tunisian coast to Italy (the so-called TMPC pipeline). These equity investments were contributed by ENI to a newly established Italian company (SeaCorridor Srl), of which Snam acquired 49.9% of the share capital while the remaining 50.1% continues to be held by Eni.
Eni e Snam exercise joint control over SeaCorridor, based on the principles of joint governance. The total consideration paid by Snam to Eni in relation to the transaction is approximately €405 million. The operation allows for the synergistic enhancement of the respective skills of Eni e Snam on a strategic route for the security of natural gas supplies in Italy, favoring potential development initiatives in the hydrogen value chain also thanks to the natural resources of the Nord Africa.
Indeed, the North Africa – Europe connection represents a fundamental axis with a view to progressive decarbonisation at an international level in support of the energy transition. The transaction was completed after obtaining, among other things, the authorizations pursuant to antitrust legislation and the so-called golden power legislation, the consent from the Tunisian state as well as the green light from the shareholders and corporate bodies of the various target companies.
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