Fluxys and Snam have agreed to assess and evaluate the set-up of a jointly controlled company for the integrated management of the companies’ international assets across Europe.
The memorandum of understanding signed by the companies further develops the Strategic Alliance of 2012 aimed at pursuing opportunities in Europe through projects enhancing the flexibility and security of supply in the European gas infrastructure.
The joint company under consideration would combine Fluxys’ and Snam’s international assets located on the South-North and East-West corridors with the exclusion of the Belgian and Italian domestic markets and would play a key role as facilitator of the creation of deeper market flexibility and liquidity through an enhanced interconnection of the European gas networks and markets.
Carlo Malacarne (CEO Snam) and Walter Peeraer (Managing Director Fluxys) jointly commented: “By joining forces Snam and Fluxys would become a reference player in Europe, interconnecting markets as envisaged in the blueprint set forth in the Third Energy Package. Combining our European activities would create value for both the market and our shareholders.”
Snam and Fluxys already work closely together on the South/North Reverse Flow project in Germany, Switzerland and Italy which is to enable gas landing in Italy to flow to Northwest Europe and the UK. The companies also have become co-shareholders in the Interconnector pipeline linking the UK to Belgium.