Eni to dispose of gas distribution business in Hungary
Eni SpA has inked an agreement to divest 98.99% of Tigaz Zrt, a natural gas distributor in north-eastern Hungary, to MET Holding AG.
The assets include Eni’s gas distribution operations in Hungary through participations in Tigaz DSO and Turulgaz, Zacks reports.
Subsequent to a competitive tender, the agreement marks Eni’s complete exit from the gas sector in Hungary. The agreement is in line with the company’s disposals and asset rationalization plan, which commenced in 2016. The divestment began with Eni’s gas marketing activities in Hungary in free and regulated markets.
Tigaz is the owner and operator of the biggest Hungarian natural gas distributor with a network of about 33,700 kilometer and represents 48% of the national grid. It has 1.2 million delivery points in a regulated market environment.
In a separate announcement, Eni announced that it has inked a Memorandum of Understanding (MoU) with Sonatrach for forming collaboration in the renewables sector.
