Belgian Fluxys Grows, Eni Outlook Cloudier

摘要

Eni agreement last week to sell stakes in two international pipelines into Italy to Fluxys G builds on other pan-European growth moves by the Belgian gas grid and terminals owner and resolves the Italian company's competition issues with the European Commission. But more uncertainty lies ahead for Eni at home, given severe budget slashing by Rome. Fluxys G is paying a combined price of roughly ?860 million ($1.16 billion) for Eni's 46% stake in Transitgas across Switzerland (974.7 million Swiss francs) - which suffered an extended outage last year - and Eni's 49% of the TENP pipeline across Germany (?60 million). The sale should be completed by end-year. Both pipes mainly flow Norwegian and Dutch gas to Italy. TENP starts at the Dutch/German border, with a secondary feed-in spur at the Belgian-German border, and connects to Transitgas at Wallbach on the German/Swiss border.