Italy’s Snam (SRG.MI) has bought a stake in Algerian Gas Pipelines, paving the way to import hydrogen from Africa into Europe.
Europe’s main regulated gas company said, it would pay energy company Eni (ENI.MI) €385 million ($436 million) for 49.9% stake. Connecting international gas pipeline groups from Algeria to Italy. Snam will have its own financial resources to fund the payment of the purchase.
Snam also owns 20% of the Trans Adriatic Pipeline (TAP) that carries Azerbaijan gas into Italy. Thus runs most of Italy’s gas storage facilities.
It has vowed to spend more money on clean and new business such as green hydrogen. Also refurbishing its national network to be hydrogen ready like other gas grid operators in Europe.
Strategic Agreements
Eni is one of the biggest oil ...
