At 31 December 2011, commitments with suppliers to purchase property, plant and equipment and provide services relating to investments in property, plant and equipment and intangible assets under construction totalled €1,723 million (€1,732 million at 31 December 2010).
The commitments to purchase equities (€75 million) relate to the commitment deriving from a joint agreement between Snam and Fluxys G to purchase the following investments from Eni: (i) 16.41% of Interconnector (UK) Ltd, the owner and operator of the underwater pipeline between the United Kingdom (Bacton) and Belgium (Zeebrugge), enabling a strategic bi-directional connection between the United Kingdom and Europe’s biggest gas trading markets; (ii) 51% of Interconnector Zeebrugge Terminal SCRL, which includes the terminal and the compression plants that connect the Interconnector pipeline with the Belgian gas transportation system; (iii) 10% of Huberator S.A., a subsidiary of Fluxys G that operates the gas trading hub in Zeebrugge. The transaction involves the two purchasers acquiring the aforesaid investments in equal shares, for a total consideration of €150 million.
The transaction is expected to be completed by the second half of 2012, subject to the authorisation of the competent authorities.
Other commitments (€4 million) relate to commitments made to the Municipality of San Donato Milanese and Eni Servizi S.p.A. regarding the project to build a property complex in San Donato Milanese for office use.
