Italian energy group Eni has decided to sell gas group Snam 49.9% of its stake in strategic pipelines carrying Algerian gas into Italy for 385 million euros ($436 million).

According to a joint statement, the pipelines will be jointly controlled by the two companies.

Italy imports more than 90% of its overall gas needs and Algerian gas currently accounts for around 30% of flows.

"This transaction allows us to free up new resources to be used on our energy transition path," Eni chief executive Claudio Descalzi said.

Eni is re-strategizing oil and gas operations into new joint ventures to help reduce debt and fund its shift to low-carbon energy.

Snam owns a 20% stake in the TAP pipeline that carries Azeri gas into Italy. Most of its revenue comes from managing Italy's gas transport grid.