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.

Διαβάστε ακόμα