Eni is reducing its presence on the German market: the group led by Claudio Descalzi announced yesterday the sale of its 50% stake in a German joint venture that supplies gas to Germany. The company is EnBw Eni Verwaltungsgesellschaft (Eev) and the purchaser is the other shareholder of the joint venture, En Bw (Energie Baden-Wuttenberg).
The six-legged dog group has not provided information on the value of the operation, but according to banking sources, the proceeds should be between 150 and 200 million euros. Eev was established in 2002: the joint venture is headed by two companies, Gvs (Gasversorgung) and Terranets. Gvs supplies gas to wholesalers and industrial customers in Germany, Austria and Switzerland. In 2013 the company, which has 88 employees, had a turnover of 1,6 billion euros with a gas sales volume of 56 terawatts.
