LNG

Feb 23 (LNGJ) - Snam of Italy, operator of an LNG terminal near Genoa, and Belgium's Fluxys, owner of the Zeebrugge LNG terminal on the Channel coast, signed an agreement to acquire stakes owned by Italian energy company Eni in Interconnector (UK), Interconnector Zeebrugge Terminal and Huberator. This joint acquisition, to which Snam and Fluxys are to contribute 50 percent each, is "a first important milestone in pursuing the aim of an integrated European gas network." It follows the announcement in January that the two companies would pursue joint opportunities. Carlo Malacarne, Snam Chief executive, said: "The agreement is the first step towards Snam becoming a major integrated player in the European regulated gas business, with a view to promoting cross-border bi-directional flows and increasing the flexibility of the gas system, as outlined in the EU's Third Energy Package. The agreement with Fluxys, which is consistent with our stated strategy to secure diversified gas supplies to Italy through our integrated network of pipelines, storage sites and LNG facilities, contributes to the creation of a Southern European gas hub."