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Eni Sells its Gas Distribution Operations in Hungary

Italian multinational oil and gas company Eni agreed to sell 98.99 percent of Hungarian Tigaz Zrt to the Switzerland-based MET Holding AG, the company announced on Monday.

Through this deal, Eni completes its exit from the gas sector in Hungary in line with its disposals and asset rationalization plan.

"The exit process started in 2016 with the disposal of Eni’s gas marketing activities in Hungary in both free and regulated markets," the company said.

According to the statement, the deal also includes Eni’s gas distribution operations in Hungary through its involvement in Tigaz DSO and Turulgaz.

Tigaz owns and operates a 33,700 kilometer-long network in northeastern Hungary, representing 48 percent of power to the national grid, and 1.2 million delivery points in a regulated market environment.

The transaction is subject to regulatory approval by the relevant authorities.

(Anadolu Agency)

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