Fluxys has tied up an agreement with Gazprom to acquire the Russian gas giant's 10 percent stake in the UK Interconnector, owner and operator of the offshore pipeline between the UK and Belgium.

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

With the acquisition Fluxys become majority shareholder in Interconnector, with a 35 % direct share as well as a joint share of 31.50% with its industry partner, Snam. 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.”