Interconnector is a subsea pipeline between the Bacton in UK and Zeebrugge in Belgium, providing a bi-directional transport capability to facilitate energy trading between the UK and the continental gas trading places.
Fluxys managing director Walter Peeraer said this new agreement strengthens the company’s partnership with Snam to enhance security of supply by enabling South to North flows between Italy and the UK.
"Our venture will connect the gas trading places in the Northwest and the South of Europe and stimulate deeper liquidity across the European gas system," added Walter.
"We are also looking forward to sharing our cross-European know-how with Interconnector (UK) to support the company’s development also after its exemption period until 2018."
The transaction will close by the end of 2012 after the approval from the relevant authorities as well as the Board of Interconnector.
In January 2011, Snam and Fluxys entered into an agreement for the integration of the European gas networks and agreed in February to acquire Eni’s 16.41% stake in Interconnector.
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