Italian major Eni and energy infrastructure company SNAM have finalized a €405 million acquisition deal in which SNAM has acquired a 49.9% stake in the ownership and operation of two international gas pipelines connecting Algeria and Italy.
As a result, Eni will own a 50.1% stake and SNAM a 49.9% share in SeaCorridor, a new company established to own and operate the Trans-Tunisian and the Trans-Mediterranean Pipelines.
SeaCorridor will leverage Eni and SNAM’s expertise in energy transportation and infrastructure ownership, as well as operation and maintenance to optimize gas exportation from North Africa to meet growing energy demand in Italy.
Also read: Algerian gas exports reach record 56 BCM in 2022
The deal will help accelerate the development and monetization of North Africa’s vast natural gas resources while fast-tracking the maximization of the region’s entire hydrogen value chain in support of the energy transition.
While Europe is seeking alternative energy supplies as the continent diversifies away from Russian gas, the deal will play a crucial role in simplifying and boosting energy trade between Europe and Algeria.
