Eni offloads stake in North Sea pipeline system

Offshore staff

MILAN, Italy – Eni has agreed to sell its 16.41% interest in Interconnector (UK) to Fluxys G SA, as part of a package valued at €150 million ($199 million).

Interconnector UK (IUK) owns and operates the bi-directional subsea gas pipeline between Bacton, eastern England, and Zeebrugge, Belgium.

Eni is also selling to Fluxys its 51% and 10% interests in Belgian companies Interconnector Zeebrugge Terminal SCRL (IZT) and Huberator.

IZT owns the compressor terminal at the Interconnector in Zeebrugge, while Huberator offers trading-related services in the Zeebrugge Gas Hub.

Eni will retain its gas transportation contracts related to IUK’s capacity.

2/23/2012

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