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Eni expects Snam to start repaying debt from Oct
May 30, 2012 / 4:52 PM / 5 years ago

Eni expects Snam to start repaying debt from Oct

MILAN, May 30 (Reuters) - Italy’s oil and gas group Eni expects Snam to start repaying its debt to Eni in October once the gas network is deconsolidated from the group, Eni’s chief financial officer said on Wednesday.

“From the October 1 it is reasonable to expect that Snam will be deconsolidated. From that date Snam will have to start repaying its debt,” Eni CFO Alessandro Bernini said in a conference call.

Eni approved on Wednesday a sale of 30 percent minus one share in Snam to state-controlled holding company Cassa Depositi e Prestiti (CDP) for 3.517 billion euros ($4.36 billion). (Reporting by Svetlana Kovalyova)

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