France to Allow Private Investors to Buy into GRTgaz Gas Grid
PARIS (Reuters) – France will allow gas utility Engie to sell part of the main French gas grid, GRTgaz, to private investors, according to a planned parliamentary bill, as the government eyes a series of possible privatizations to boost the economy.
The gas grid, which manages most French gas pipelines and storage sites, is currently 75% owned by Engie, with the remaining 25% owned by state investor Caisse des Depots and insurer CNP.
The new law will allow the state-controlled investors to jointly hold only a majority stake in GRTgaz, rather than the entire capital, according to a version of the bill cited by top French court Conseil d'Etat.
A separate, smaller French gas grid company in the southwest of the country, TIGF, is controlled by Italy's Snam, Europe's biggest pipeline operator, which has a strategic alliance with Belgium's Fluxys.
President Emmanuel Macron's government is planning several large privatisations with the proceeds already earmarked for a new $11.6 billion (10 billion euro) innovation fund.
Related News
Related News
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Exxon Mobil to Start Gas Reserve Seismic Surveys in Greece
- LaPorte, Texas, Issues Shelter in Place After Altivia Plant Leaks Toxic Gas
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
Comments