Snam & Fluxys Sign Reverse Flow MoU
Italy's gas transmission operator Snam and Belgian gas company Fluxys have today signed a Memorandum of Understanding (MoU) to develop gas infrastructure in Europe.
In particular, a statement from Snam said today, the companies will seek to develop and market reverse flow capacities from south to north between Italy and the UK. The development of such projects will strengthen the cooperation of both companies in the spirit of the directives of the EU Third Energy Package.
Snam and Fluxys will aim to develop a reverse-flow capabilities at the Italian-Swiss border at Passo Gries through Switzerland and into Germany.
Separately today, the two companies also finalised a deal that sees the two enter into a joint acquisition of Snam and Fluxys Eni’s stakes in Interconnector (UK), Interconnector Zeebrugge Terminal and Huberator.
Together, the companies will acquire a 16.41 per cent stake in Interconnector UK, a 51 per cent stake in the Interconnector Zeebrugge Terminal and a 10 per cent stake in Huberator. The companies will each take a 50 per cent share of each of these stakes.
The companies said today that the MoU and the acquisition of the Eni stakes would help to ensure greater flexibility and competivity in the market in line with the Third Energy Package.
"The creation of the reverse flow capacity, as well as the completion of the acquisition of Eni’s stakes in Interconnector (UK), Interconnector Zeebrugge Terminal and Huberator, give concreteness to a more interconnected and flexible European gas market, in line with the evolution of legislative and regulatory framework and with the needs of the gas system’s stakeholders," CEO of Snam Carlo Malacarne said.
"Through this reverse flow project with Snam, we will establish a fully functional market providing for easy gas transfers between the gas trading places in Germany, Italy, Belgium, France, the Netherlands and the UK, which will pave the way for deeper market flexibility and liquidity," Fluxys Managing Director Walter Peeraer said today. "This fully fits in with our strategy to strengthen security and diversification of supply, promote cross-border flows and connect the gas trading places in the Northwest and the South of Europe.”