Italy's Eni sells TAG pipeline to CDP

14:52 | 10/06/2011
Italian energy group Eni said on Friday it had agreed to sell its stake in the TAG gas pipeline to state-controlled lender CDP for 483 million euros, following a European Union antitrust ruling.

"Eni signed a purchase agreement with Cassa depositi e prestiti Spa (CDP) for the sale of 89 percent of the existing shares" in the Trans Austria Gas (TAG) pipeline, which transports Russian gas into Italy, Eni said in a statement.

"The sale provides for the payment of 483 million euros ($699 million)," it said, adding that the sale was "part of the commitments taken by Eni in response to the European Antitrust Commission ruling" in September 2010.

AFP

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