Eni to sell Interconnector interests

By OGJ editors

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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