Italy’s Snam acquires stake in Algerian gas pipelines

A view of a section of a Snam gas compressor station in Malborghetto, Italy. Picture: SNAM/REUTERS

Europe’s biggest gas infrastructure group said on Saturday it would pay energy company Eni €385m for a 49.9% stake in the pipelines to jointly control the assets with its fellow Italian company. Snam, which runs most of Italy’s gas storage facilities, also owns 20% of the TAP pipeline that carries Azeri gas into Italy.

Eni is working on spinning off a series of oil and gas operations into new joint ventures to help reduce debt and fund its shift to low-carbon energy.

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