ENI sells two pipelines to Belgium's Fluxys

22nd September 2011, Comments 0 comments

Italian energy group ENI said Thursday it had agreed to sell its stakes in German and Swiss pipelines to the Belgian firm Fluxys Europe for 850 million euros ($1.1 billion) as part of an EU antitrust ruling.

"This disposal process is part of the commitments made to the European Commission" in September 2010, ENI said in a statement.

The Italian company agreed last year to sell off three pipelines to settle without a fine an EU probe that concluded it had abused its dominant market position.

Had it not decided to play ball, ENI could have faced a penalty of up to 10 percent of its annual turnover.

ENI sold its holding in Transitgas for 974.7 million Swiss francs (798 million euros) and in the TENP pipeline in Germany for 60 million euros.

In June, its sold its holding in the Austrian TAG pipeline carrying Russian gas to Italy for 483 million euros to the Italian state lender CDP.

© 2011 AFP

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