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Shah Deniz II Gas Sales Contract Transferred to Edison

Source: www.gulfoilandgas.com 4/18/2018, Location: Asia

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The Shah Deniz II gas sales contract with Spanish Gas Natural Fenosa was transferred to Italy's leading energy company Edison as part of a greater deal, including the acquisition of a gas grid in Italy.The signing took place at SOCAR Tower with the participation of SOCAR, Azerbaijan Gas Supply Company (AGSC), Edison and Gas Natural Fenosa. Edison acquired a 25-year gas supply contract from the Shah Deniz II field. The supply is scheduled to start in 2020, following the completion of the Trans Adriatic Pipeline (TAP).

On the 13th of October 2017, Edison and Gas Natural Fenosa agreed to transfer the Gas Natural Vendita Italia (GNVI), an important gas grid in Italy. The transfer of Fenozaís Shah Deniz II gas sales contract to Edison was subject to completion of this deal. In February, the European Commission has acknowledged the deal as being compatible with the antitrust regulation.

Subsequently the acquisition of the GNVI and transfer of the gas supply contract were accomplished. This transfer demonstrated a constantly growing interest in Azerbaijani gas among major energy players in Europe.

Edison is a major Italian energy company in the field of electricity and natural gas supply, headquartered in Milan, with subsidiaries operating across continents. Edison has an integrated presence in the hydrocarbons sector from production to distribution and sales of natural gas and crude oil. In 2017, Edison covered 22% of gas import and 6% of gas production in Italy.

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