editorial board 0 commentseni , snam
The relationship between the two state corporations Eni and Snam is consolidated with a view to further developing connections between Algeria and Italy for the transport of methane and, in the future, also of hydrogen.
On the basis of an agreement just signed, Snam will take over from Eni 49.9% of the stakes held by the ‘six-legged dog’ in the companies that manage the two groups of international gas pipelines that connect Algeria to Italy, and in particular the onshore pipelines extending from the border between Algeria and Tunisia to the Tunisian coast (TTPC gas pipeline) and offshore pipelines connecting the Tunisian coast to Italy (TMPC pipeline).
The transaction – reads a joint note – provides for the conferment of these investments by Eni in a newly established Italian company (NewCo), of which Eni will continue to hold 50.1%, while the remaining 49.9 % will be sold to Snam for an amount of 385 million euros.
The deal – explain the two groups – “allows for the synergistic enhancement of their respective skills on a strategic route for the security of natural gas supplies in Italy, encouraging potential development initiatives in the hydrogen value chain from North Africa” .
Eni’s Chief Executive Officer, Claudio Descalzi, commented: “This operation allows us to free up new resources to be used in our energy transition path, while maintaining with Snam the management of a strategic infrastructure for the security of supplies to the country. . Gas will play a fundamental role in accompanying the transition of energy systems towards zero-emission models, and it is important to maintain the availability and diversification of supply routes for this source ”.
“This agreement – added Marco Alverà, CEO of Snam – consolidates Snam’s central role in the security of supply in Italy and in the transport of energy from the Mediterranean area. Thanks to the operation, Snam is projecting its infrastructure towards North Africa, which represents a key area for gas supplies to Italy and, in the future, for the development of hydrogen. In the future, in fact, North Africa may also become a hub for the production of solar energy and green hydrogen “.
The target companies that will be transferred to the newco – over which Eni and Snam will exercise joint control on the basis of equal governance principles – generated a net profit (100% Eni’s share) of approximately 90 million euros in 2020.
The closing of the transaction, which will have to wait for the green light from the national authorities involved, is expected by the third quarter of 2022.
