AfrOil: Snam acquires 49.9% stake in Algeria-Italy gas pipelines from Eni

The Italian natural gas grid operator Snam has acquired Eni’s 49.9% stake in companies operating two groups of gas pipelines between North Africa and Italy for €405mn ($435mn), Eni said in a statement on January 11.

Under the deal, which secured approvals after nearly 14 months delay, Snam’s SeaCorridor subsidiary has taken the 49.9% stake. Eni has retained the remaining 50.1%, and as part of the transaction, its ownership stakes in the gas pipeline assets have been transferred to a new company that will also be called SeaCorridor. Eni and Snam will exercise joint control of SeaCorridor under joint governance arrangements.

The transaction includes TTPC, a network of onshore gas pipelines running from the Algeria and Tunisia borders to the Tunisian coast, and TMPC, a network of offshore gas pipelines connecting the Tunisian coast to Italy.