Eni to exit Hungarian gas sector with sale of Tigaz

Italian energy firm Eni has signed an agreement to sell 98.99% of Tigaz Zrt, including its gas distribution operations in Hungary through its participations in Tigaz DSO and Turulgaz to MET Holding.

Consistent with Eni’s disposals and asset rationalisation plan, the transaction comprises a 33,700km-long network owned and operated by Tigaz in North-Eastern Hungary and 1.2 million delivery points.

The deal marks the completion of Eni’s exit from the Hungarian gas sector.

Last year, the company began the exit process with the sale of its gas marketing activities in the country in both free and regulated markets.

Tigáz is engaged in the sale of gas at a national level, while it is focused on distribution at a regional level, in the north-eastern region of the country.

The company strengthened its position as a natural gas distributor in the country by becoming the majority shareholder of MolGaz, Zsàmberkgàz, Gerecsegàz and Turulgàz in 2003.

Eni’s share of sales of natural gas in Hungary for last year stood at 0.93 billion cubic metres.

The company has been operating in the country since 1990 in the retail and wholesale marketing of petroleum products.

Last year, Eni Hungaria was disposed to Hungarian company MOL.

The deal did not include the company’s wholesale lubricant business.

The current transaction is conditional upon regulatory approval by the relevant authorities.