Eni to sell TAG pipeline in $986 million deal
MILAN (Reuters) - Italian oil and gas group Eni (ENI.MI) said on Friday it had agreed to sell its stake in the TAG gas pipeline in a deal worth 675 million euros ($986 million), fulfilling a commitment under a European antitrust ruling.
In September, European Union regulators dropped antitrust charges against Eni after it agreed to sell gas pipelines worth some 1.5 billion euros.
Eni, the target of an antitrust investigation by the European Commission since 2007, offered last year to sell its Transitgas and TENP pipelines on the market and its TAG pipeline to a public entity while keeping transport rights.
In a statement, Eni said it had agreed to sell its 89 percent stake in TAG to state-owned Cassa Depositi e Prestiti (CDP) for 483 million euros in cash plus repayment of a loan Eni granted TAG worth 192 million euros.
The TAG gas pipeline transports Russian gas into Italy and is considered strategic by the Italian government.
Over half of Italy's electricity is generated by gas-fired power plants.
Eni said after completion of the deal, which is subject to approval by the EU antitrust commission, the ship-or-pay contract it signed with TAG will remain in force.
The TENP and Transitgas pipelines carry gas from northern Europe. In March sources told Reuters Global Infrastructure Partners (GIP) is preparing a bid for Transitgas, valued at up to 1 billion euros.
(Reporting by Stephen Jewkes; Editing by Mike Nesbit)
HELSINKI - Finnish start-up Next Games has raised $6 million in funding in the latest of several venture capital investments in the Nordic country's booming mobile games industry, the company said on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.