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Eni sells its gas distribution operations in Hungary

BUSINESS
Eni sells its gas distribution operations in Hungary

Italy's oil and gas giant Eni has agreed to divest its Hungarian gas network business to Swiss trader MET Holding, the company said in a statement on Monday.

Eni agreed to sell 98.99 of gas grid company Tigaz Zrt (its Hungarian subsidiary) to MET, including Eni’s gas distribution operations in Hungary through its stakes in Tigaz DSO and Turulgaz, Eni stated.

Tigaz owns and operates a 33,700 km-long network in North-Eastern Hungary (representing 48% of the national grid) and 1.2 million delivery points in a regulated market environment, according to Eni.

The dead was reached after a competitive tender and completes Eni's exit from the gas sector in Hungary - a process begun last year - in line with its disposals and asset rationalization plan.

The transaction is subject to regulatory approval by the relevant authorities, Eni stated.

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