Galp to acquire ENI’s downstream business in Spain and Portugal

Oct 19, 2007 02:00 AM

In accordance with the agreements signed in 2005 between the majority shareholders (ENI, Amorim Energia and Caixa General de Depositos), Portugal's Galp Energia will acquire Agip oil products' marketing business in Spain and Portugal both in the retail and wholesale channels.
Galp Energia, of which ENI has 33.34 % stake, has decided to exercise the option for the acquisition of all ENI’s downstream activities except for the lubricants business, in Spain and Portugal.

This operation, which will create important synergies, confirms ENI’s strategy to strengthen its presence in the Iberian region through Galp as a leading operator in the refining and marketing of oil products.
The transaction is subject to the approval of the competent authorities.

Source / ENI S.p.A.
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