Eni to sell Interconnector interests

Eni SPA has agreed to sell its interests in companies related to the bidirectional Interconnector natural gas pipeline between the UK and Belgium to Fluxys G SA and Snam SPA for total consideration of €150 million.

The interests are 16.41% in Interconnector (UK) Ltd., operator of the pipeline; 51% in Interconnector Zeebrugge Terminal SCRL, owner of the Belgian compressor terminal at Zeebrugge; and 10% in Huberator SA, which offers trading-related services in the Zeebrugge Gas Hub.

The Italian company will retain its transportation contracts on the 235-km, 40-in. Interconnector system, which has capacities to carry 25.5 billion cu m/year from Zeebrugge to Bacton, UK, and 20 billion cu m/year in the opposite direction.

Eni said the transaction fits its strategy to shed noncore assets.

Fluxys G is Belgium’s independent gas transmission system operator. Snam, Milan, builds and operates gas systems.

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