Eni completes the sale of its participation in TAG

abarrelfullabarrelfull wrote on 22 Dec 2011 12:49
Tags: austria eni gas pipeline

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Today Eni has finalized the agreement signed with Cassa depositi e prestiti (CDP) and announced on 10 June 2011 for the sale of 89% of the existing shares in Trans Gasleitung Austria GmbH ("TAG"), the company owning the transport rights for the Austrian section of the pipeline that connects Russia to Italy. This corresponds to 94% of the economic rights currently held in TAG,

The sale is part of the commitment made to the European Commission on the 29 September 2010. The total payment to Eni is approximately €710 million , of which €533 million is attributable to the transfer price of the participation and €177 million to the repayment of shareholder loans provided by Eni to TAG.

Ship-or-Pay contracts between Eni and TAG remain in place.

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