January 28, 2022

Beyond Going Long

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Sanam will buy a stake in the gas pipeline network that brings gas to Italy

MILAN, November 28 (TASR) – Italy’s Sanam will buy a stake in the pipeline network that brings Algerian natural gas to Italy. You want to create space to import hydrogen from the African continent to Europe.

Sanam, Europe’s largest pipeline operator, said at the weekend that it would buy a 49.9 percent stake in Algeria’s gas pipeline network from Italian energy company Eni. He will pay 385 million euros for this stake.

Like other European pipeline operators, Sanam is upgrading its domestic gas infrastructure to prepare for hydrogen. The company operates most of the country’s gas storage facilities and also controls a 20 percent stake in the Trans-Adriatic Pipeline (TAP), which carries gas from Azerbaijan to Italy. “North Africa could become a hub for solar energy and green hydrogen production in the future,” said the head of the hump Marco Elvira.

On the other hand, Eni continues to divest its oil and gas operations into new joint ventures. The goal is to reduce debt and secure investment in low-carbon energy.

Italy imports more than 90% of its total gas consumption. Algerian gas accounts for about 30% of these imports.

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