Italy's Snam to buy pipeline carrying Russian gas to Italy

Snam, one of Europe's biggest gas transport groups, has agreed to buy a majority stake in the TAG gas pipeline carrying Russian gas into Italy as part of its drive to integrate Europe's patchwork of gas grids, Reuters reported on March 19.

In its four-year business plan to 2017, Snam announced it had signed a memorandum of understanding with CDP to buy its 89 percent stake in TAG.

The 400-km (250-mile) pipeline, 11 percent owned by Austria's OMV, has long been seen as strategic by Italy in bringing in Russian gas through Ukraine, Slovakia and Austria.

Copyright: Reuters, 2014