Eni, SNAM Finalize €405M Deal for Algeria-Italy Interconnection Pipelines

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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.

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.

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Nicholas Nhede

Nicholas Nhede

Nicholas is an energy sector journalist with a passion on how technology and diversification of the energy mix can be used to address energy sector challenges. Nicholas holds a diploma in Journalism and Communication studies and has been covering energy-related topics including the Internet of Things, distributed energy and digitalisation since 2015.

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