Qatar fund eyes Eni’s Snam stake

Italian oil and gas major Eni has received expressions of interest from sovereign funds, including from Qatar, for a 22.5% stake in Snam that it must sell to exit investment in the gas grid operator, an Eni source said yesterday. ”Several sovereign funds have expressed a preliminary interest that Eni will evaluate,” the source said. The Italian government in May gave Eni 18 months to sell its controlling 52.5% holding in Snam as part of plans to boost competition and reduce energy prices. Italian financial daily Il Sole 24 Ore said that sovereign funds from Qatar and Abu Dhabi had made expressions of interest for stakes in Snam in recent weeks. An Eni spokesman declined to comment on the report.