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
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- Energy Transfer to Build $5.3 Billion Permian Gas Pipeline to Supply Southwest
- Enbridge Sees High Demand to Expand 593-Mile Canada-to-U.S. Gulf Oil Pipeline
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- Strike Pioneers First-of-Its-Kind Pipe-in-Pipe Installation on Gulf Coast with Enbridge
- Enbridge Sees High Demand to Expand 593-Mile Canada-to-U.S. Gulf Oil Pipeline
Comments