Eni and Snam sign contract implementing framework agreement for the development of methane service stations in Italy
04 December 2017
1 min read
04 December 2017
1 min read
Rome/San Donato Milanese, 4 December 2017 - Eni and Snam have signed the first contract implementing the framework agreement signed on May 2017 for the development of methane service stations in Italy, which is part of a set of initiatives promoting sustainable mobility.
The 20-year contract lays out the plan for the construction and maintenance of a first batch of 14 new CNG (compressed natural gas) plants by Snam within Eni’s national network of service stations, favouring the supply of low-emission alternative fuels such as methane. Natural gas eliminates particulate matter, the most polluting element in urban areas, and offers significant economic advantages to customers. Snam will receive an amount estimated between 20 and 40 million euro from Eni for its services.
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Snam and Eni are related parties as the Italian Ministry of Economy and Finance exerts de facto control over Eni, by virtue of its participation in such company, and controls CDP S.p.A. which, in turn, exerts de facto control over Snam, pursuant to international accounting standard IFRS 10 – Consolidated Financial Statements.
For both companies the contract is an operation of lesser importance under Consob Regulation no. 17221 of 12 March 2010 and subsequent amendments ("Consob Regulation") and Procedures in this matter.
For Snam, the contract is among the exclusion cases provided for in art. 13 paragraph 3 letter c) of the Consob Regulation and its own Procedure, as an ordinary transaction and concluded at equivalent conditions to market or standard conditions.Eni has applied its own Procedure, requiring an opinion from the Control and Risk Committee.
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