Oct 08 - Suez to Acquire a Combination of Assets from ENI

Source Company Web Site
Company ENGIEENI S.p.A. 
Tags Deals, Pipelines/ tankers/ distribution
Date October 30, 2008

The transaction is part of Eni's optimization of its portfolio and activities in the upstream, power and gas sectors

Pursuant to a framework agreement, executed on 29 May 2008, today Eni and Suez have entered into definitive agreements for the sale to Suez of certain assets and for the long-term supply of gas and electric energy. The transaction is part of Eni's optimization of its portfolio and activities in the upstream, power and gas sectors. The agreements entered into include:

  • the sale of Italgas' gas distribution networks in Rome and certain neighbouring municipalities involving a total 5,300 km pipeline network, 1.5 bcm of gas distributed per year and over 1.3 million delivery points, at a price of 1.02 billion euro;
  • the sale of interests in E&P fields, at a price of 273 million euro;
  • the right to draw up to 1,100 MW of electricity from Eni by means of a Virtual Power Plant agreement for a period of 20 years, at a price of 1.21 billion euro;
  • long-term contracts for gas supply to be delivered in Italy for a period of up to 20 years, at a price of 235 million euro;
  • a supply contract for 0.9 bcm per year of LNG in equivalent gas in the Gulf of Mexico for a period of 20 years, at a price of 87 million euro.
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