Italy's Enia approves downstream gas group
MILAN, July 21 (Reuters) - Italian regional utility Enia SpA (EN.MI) approved a partnership with other natural gas suppliers on Monday that aims at improving their weight in the downstream market.
The new company, called Sinergie Italiane, initially will group Enia and fellow northern Italian utilities Blugas SpA, Gruppo Amga Legnano SpA and Ambiente Energia Brianza SpA, Enia said in a statement.
"Other companies will complete their participation in coming days," it said. Enia's board approved the formation of Sinergie Italiane on Monday.
Sinergie Italiane will group more than 1.5 million customers, it said. At the start of the 2008-2009 thermal year on Oct. 1 the company will have gas volumes of 3 billion cubic metres, with a potential of 5 billion cubic metres starting in the second year.
The partners' goal is "creating a sizable entity in the Italian downstream sector that, through increasingly intense cooperation, will contribute to build its shareholders' economic value", Enia said.
The new company aimed to diversify its supplies "through the development of industrial cooperation agreements with top national and foreign companies".
The chairman of Italian utility Ascopiave SpA (ASCI.MI) told Reuters this month that his company, Enia and Italy's Linea Group were in early talks with Russian gas supplier Gazprom OAO (GAZP.MM) about creating a gas sales group.
Enia, based in Reggio Emilia, is in merger talks with Bologna-based utility Hera SpA (HRA.MI) and Genoa-Turin utility Iride SpA (IRD.MI).
Enia shares closed down 1.06 percent at 7.392 euros. The DJ Stoxx utilities index .SX6P was up 0.6 percent. (Reporting by Ian Simpson; editing by Sue Thomas)
