Italian energy company Edison SpA (EDN.MI) said Tuesday that BASF AG's (BAS.XE) wholly-owned subsidiary, Wintershall AG, exited a project to transport Algerian natural gas to Italy, selling its stake to the other investors involved.
In a statement, Edison said Wintershall sold its 13.5% stake in the Galsi project. It didn't disclose the price.
Edison, which is controlled by Electricite de France SA (1024251.FR) and Italian municipal utility A2A SpA (A2A.MI), said it bought a 2.8% stake, bringing its holding in Galsi SpA to 20.8%.
Algerian state-run company Sonatrach bought a 5.6% stake and now has an overall 41.6% holding, while Enel SpA (ENEL.MI) purchased 2.1% of Galsi to reach 15.6% and the Italian region of Sardinia acquired a 1.6% stake and now owns 11.6%, said Edison.
Italian municipal utility Hera SpA (HER.MI) bought the remaining 1.4% stake, bringing its holding to 10.4%.
Galsi will initially transport 8 billion cubic meters annually, or almost 10% of Italy's current gas consumption. The pipeline will connect Italy and the North African country via Sardinia.
Algeria has said the pipeline will transporting gas in 2012.