Italy’s Snam buys stake in Algerian gas pipelines

MILAN: Italy’s Snam has agreed to buy a stake in pipelines carrying Algerian gas into Italy in a move that could pave the way for hydrogen imports from Africa into Europe.

Europe’s biggest gas infrastructure group said on Saturday it would pay energy company Eni €385 million ($436 million) for a 49.9 percent stake in the pipelines to jointly control the assets with its fellow Italian company.

Snam, which makes most of its money from managing Italy’s natural gas transport grid, has pledged to spend more on new, clean business lines such as green hydrogen.

Like other European gas grid operators, it is upgrading its national network to be hydrogen ready.

Snam also owns 20 percent of the TAP pipeline that carries Azeri gas into Italy.