ITALY'S Eni is extending its reach in some of its key production hot-spots in North Africa, northern Europe and Asia as it takes on the assets of takeover target, UK independent Neptune Energy.Confirming earlier speculations on a possible deal, the companies announced the Italian major will buy out Neptune's international and Norway-based businesses in a transaction worth $4.9 billion, which Eni will fund with existing liquidity.It is a major deal for Eni, which is aiming to expand its gas portfolio in the coming years and solidify its role as a leading gas supplier to Europe and OECD countries.Some of the most complementary opportunities for the major are in North Africa, where Eni will take over Neptune's assets in Algeria and Egypt, two key countries where the Italian has been active for many years.Neptune operates the Touat asset in central Algeria's Sahara Desert. The site, comprising 10 gas fields, is connected to an 800-kilometre Sonatrach pipeline reaching Hassi R'Mel in the north.
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