Eni has divested a 49.9% stake in certain gas pipeline-related companies. Credit: Eni.

Italian gas grid operator Snam has finalised the acquisition of Eni’s 49.9% stake in companies operating two groups of gas pipelines between North Africa and Italy for €405m.

One of the groups comprises onshore gas pipelines that run between the Algeria and Tunisia borders to the Tunisian coast (TTPC). The other group comprises offshore gas pipelines between the Tunisian coast and Italy (TMPC).

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As part of the transaction, Eni’s ownership stakes in the gas pipeline assets have been transferred to a new company called SeaCorridor.

Snam has purchased a 49.9% stake in SeaCorridor, which will operate the assets involved in the transaction. Eni has retained the remaining stake of 50.1%.

Eni’s stakes covered in the transaction include a 100% interest in the Trans Tunisian Pipeline, a 99.85% stake in Scoga, a 66.06% interest in Sergaz, and a 50% stake in the Transmediterranean Pipeline Company.

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The transaction also includes Eni’s 50% stakes in Transmed and Mariconsult, and a 5% interest in Samco Sagl.

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The deal was announced in November 2021. It has been finalised upon securing the authorisations needed from Tunisian and the approval of the shareholders and corporate bodies of several target companies.

Eni said in a statement: “The transaction leverages Eni’s and Snam’s respective areas of expertise in gas transport on a strategic route for the security of Italy’s natural gas supply, enabling potential development initiatives within the hydrogen value chain also thanks to the natural resources North Africa has to offer.”

The deal is expected to facilitate possible development initiatives within the hydrogen value chain.