Eni sells its participations in Transitgas and TENP gas pipelines to Fluxys G

abarrelfullabarrelfull wrote on 26 Sep 2011 09:06
Tags: eni gas germany pipeline switzerland

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Eni and Fluxys G have signed purchase agreements involving the sale to Fluxys Europe of Eni's participations in the Transitgas (Switzerland) and TENP (Germany) gas pipelines.

Eni sells to Fluxys G, in the gas pipeline system in Switzerland, 46% stake in Transitgas AG and 100% stake in Eni Gas Transport International ("Eni GTI"),and, in the German gas pipeline, its 100% holdings in both Eni Gas Transport Deutschland ("Eni D") and Eni Gas Transport, as well as a 49% stake in Trans Europa Naturgas Pipeline KG ("TENP KG") and a 50% holding Trans Europa Naturgas Pipeline GmbH.

Transitgas AG and Eni GTI own the pipeline and the transportation rights for the Swiss section of the gas pipeline linking Belgium and Netherlands to Italy and in 2010 reported revenues of 110 million Swiss francs and 136 million Swiss francs respectively. TENP KG and Eni D own the pipeline and the transportation rights for the German section of the gas pipeline and in 2010 respectively reported revenues of €100 million and €67 million.

This disposal process is part of the commitments made to the European Commission on the 29 September 2010 and is, therefore, subject to its approval; the sale process is expected to be completed by the end of the year.
The sale provides for the payment of a total price of 974,7 million Swiss francs for the shares in Transitgas gas pipeline and € 60 million for the shares in TENP gas pipeline. The price will be adjusted at the closing date as per market practice.

Following the conclusion of the transaction, the ship-or-pay contract signed by Eni with Eni GTI and Eni D will remain in place.

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