Sicily's ESPI Disposes of 50% of Siciliana Gas S.p.A. to Eni

Sicily's industrial development agency ESPI (Ente Siciliano per la Promozione Industriale, in liquidation) and Eni S.p.A. have signed a deal for the sale of 50% of Siciliana Gas S.p.A. to Eni for a price of 98 million Euros. Siciliana Gas S.p.A. distributes natural gas in Sicily.

Eni already held a 50% stake in Siciliana Gas S.p.A. and had a pre-emption right for the purchase of ESPI's stake.

According to the deal, ESPI will also dispose to Eni of the only share it holds in Siciliana Gas Vendite S.p.A (a company controlled at 99.99% by Siciliana Gas S.p.A.). The transfer of the shares will take place after the approval of the Italian Competition Authority.

Siciliana Gas S.p.A. has operated in Sicily since 1979 in the secondary distribution of natural gas and, through its subsidiary Siciliana Gas Vendite S.p.A, in the sale of natural gas to end users. The company employs 186 people and holds the rights for the distribution of gas to 76 Sicilian municipalities, including Agrigento, Enna, Trapani and Gela. Its distribution grid encompasses 2,600 km.

Siciliana Gas Vendite, which employs 50 people, has a portfolio of some 215,000 clients and sells around 190 billion cubic meters per year of gas. At the end of 2004, Siciliana Gas group revenues totalled 75.5 million Euros, with a net consolidated asset of 98.5 million Euros and with a net operating margin of 18.9 million Euros.

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Added to site on 25/01/06

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