Tigaz Sold to MET, Eni Exits Hungary
A deal announced in December 2017 whereby Eni would sell its 98.99% stake in natural gas distribution business Tigaz to Switzerland-based MET Group was completed June 21, the latter announced June 25.
Tigaz owns a gas distribution system operator in northeast Hungary, spanning 33,000 km which represents 48% of Hungary's gas grid, and distributes over 2bn m3/yr of natural gas to 1.2 million customers. MET Group is a Swiss trader with close links to Hungary; its majority owner and CEO Benjamin Latakos is a former employee of leading Hungarian oil and gas producer Mol.
The divestment marks Eni's exit from the gas sector in Hungary, a process started in 2016 roughly a decade after it entered, with the disposal of Eni’s gas marketing activities in Hungary to Germany's RWE. The new Tigáz logo is appended (Photo credit: Tigaz)
