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Eni and Snam Launch Partnership to Pave Way on Hydrogen Pipelines Between Algeria and Italy

By November 27, 2021December 2nd, 2021No Comments

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Eni and Snam Launch Partnership to Pave Way on Hydrogen Pipelines Between Algeria and Italy

Nov 27, 2021 • Fuel Cells Works

Eni agrees to sell Snam a 49.9% stake in its subsidiaries operating TTPC and TMPC gas pipelines for a consideration of 385 million euros

Eni and Snam have entered into an agreement for the sale by Eni to Snam of a 49.9% stake (directly and indirectly owned) in certain companies operating two groups of international gas pipelines connecting Algeria to Italy. Pursuant to the agreement, Eni will contribute its entire ownership interests in the two pipelines to a newly incorporated Italian company (NewCo) in which Eni will continue to hold a 50.1% stake, whereas the remaining 49.9% will be sold to Snam for a purchase price equal to 385 million euros.

The transaction will create synergies among the parties’ respective areas of expertise in gas transport on a strategic route for the security of the natural gas supply in Italy, enabling potential development initiatives within the hydrogen value chain from North Africa.

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

Marco Alverà, Snam CEO said: “This deal consolidates Snam’s central role in Italy’s security of supply as well as in energy transport from the Mediterranean region. Through this transaction, Snam is bridging its infrastructure towards North Africa, which represents a key area for gas supplies to Italy and forward looking for hydrogen development. In the future, North Africa could also become a hub for producing solar energy and green hydrogen.”

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