Italian energy company Snam has acquired a 49.9% stake held by fellow oil and gas company Eni in companies that operate two groups of international gas pipelines between Algeria and Italy.
The scope of the transaction includes the onshore gas pipelines connecting the Algerian and Tunisian borders to the Tunisian coast (TTPC) and the offshore gas pipelines (TMPC) connecting the Tunisian coast to Italy.
Eni transferred stakes to a new company, SeaCorridor Srl, in which Snam acquired 49.9% of the share capital for a total of 405 million euros, Eni continuing to hold the remaining 50.1%.
Both parties will exercise joint control over the new entity under joint management agreements.
the transaction, Announced in November 2021 Expected clearances under antitrust law and the so-called Golden Power law requires the approval of the Tunisian government, as well as the approval of the shareholders and corporate bodies of the target companies.
This decision should enable potential growth initiatives in the hydrogen value chain.
At the end of 2022, the two companies announced that they would Create a joint venture to develop the first carbon capture and storage (CCS) project in Italy.
Eni CEO Claudio Descalzi and Snam CEO Stefano Venier signed an agreement on December 19 to jointly develop and manage the first phase of the Ravenna CCS project through an equal joint venture.
