Eni SpA (E) agreed to sell to Italy's state-controlled lender Cassa Depositi e Prestiti SpA its majority stake in the natural gas pipeline TAG, the energy giant said Friday, as part of a deal to settle a dispute with European Union regulators.
Eni SpA (E) agreed to sell to Italy's state-controlled lender Cassa
Depositi e Prestiti SpA its majority stake in the natural gas pipeline TAG, the
energy giant said Friday, as part of a deal to settle a dispute with European
Union regulators.
In a statement, Eni said the TAG deal to CdP includes a EUR483 million payment
and the reimbursement of a EUR192 million shareholder loan granted by Eni to
the company.
CdP has a 26.37% stake in Eni and is used by
Italy
's
government to control the country' biggest oil and gas company by market value.
Eni agreed last year with the European Commission to sell its stake in TAG, as
well as two other pipelines, as part of the executive arm of the EU's attempts
to boost competition in
Italy
's gas
market and drop a probe into alleged market abuse.
The commission must approve the sale, the company said.
At the end of May, Eni's Chief Executive Paolo Scaroni said Eni expected to
sell its stake in TAG at a price of between EUR650 million and EUR700 million.
The Rome-based company has said that it expected to raise about EUR1.5 billion
from the total sale of the three pipelines. The other two gas pipelines it must
sell are its 49% stake in TENP and 46% in Transitgas.
In April, Chief Financial Officer Alessandro Bernini said the company expects
to sell the TENP and Transitgas stakes in the second half of the year, while
Eni had earlier expected to do so by the end of June.
Eni said that following the conclusion of the operation, the ship-or-pay contract
signed by Eni with TAG will remain in force.
The Italian government considers TAG to be a fundamental part of its energy
security as it is used to import Russian gas, which represents about 25% of
Italy
's
needs.
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