Belgium-based natural gas transmission system operator, Fluxys, has acquired Gazprom’s 10 per cent stake in Interconnector (UK), owner and operator of the subsea pipeline between the UK and Belgium.

The Interconnector is bidirectional transmission link connecting the UK to Continental European markets. The pipeline offers the UK market a tool for physical export to mainland Europe, contributing to the diversification of sources for Continental Europe.

Walter Peeraer, managing director and CEO of Fluxys, said: “Through the acquisition of Gazprom’s stake Fluxys becomes majority shareholder in Interconnector (UK) and we are fully aligned with our co-shareholders to move the company forward.”

Fluxys through the transaction increases its direct stake in Interconnector (UK) to 35%. Besides its direct stake, Fluxys holds with industry partner Snam on a 50/50 basis a joint stake of 31.50% in Interconnector (UK) and Fluxys shareholder Caisse de dépôt et placement du Québec holds an interest of 33.5% in the company.