July 16, 2008
Eni, Altergaz to Acquire 17% Stake in Gaz De Bordeaux Energie Services
Italian energy major Eni and Altergaz have signed an agreement with Societe du Gaz de Bordeaux, the gas distributor in the municipality of Bordeaux, France, for the acquisition of a 17% stake in Gaz de Bordeaux Energie Services.
Effective October 1, 2008, all the commercialization activities of Societe du Gaz de Bordeaux will converge in Gaz de Bordeaux Energie Services.The agreement has been signed within the framework of France's liberalized residential gas market, which came into being in July 2007.
Eni and Altergaz will support the development of Gaz de Bordeaux Energie Services through a 10-year supply of some 2.65TWh per year on competitive terms. This volume of gas will cover around half of the company's needs, which amounts to around 5.3TWh per year.
On the basis of this partnership, Gaz de Bordeaux will market the gas supplied by Eni and Altergaz to the residential, commercial and industrial markets, which comprise more than 250,000 potential customers. This agreement is expected to lend further impetus to Eni's development plan in the French gas market.