MILAN, Jan 28 (Reuters) - Italy's gas grid operator Snam

will sell its minority stake indirectly held in ADNOC

Gas Pipelines to Abu Dhabi-based investment fund Lunate, Snam

said on Tuesday.

The deal is in line with the Italian group's long-term

strategy to strengthen its role in Europe and reduce exposure to

assets not located along the key European energy corridors.

"The sale of the stake in ADNOC Gas Pipelines is consistent

with the recently presented strategic plan, which focuses on the

development of a pan-European multi-molecule infrastructure,"

Snam's CEO Stefano Venier said in a statement.

ADNOC Gas Pipelines, a subsidiary of Abu Dhabi National

Company (ADNOC), has lease rights to 38 pipelines covering a

total of 982 km (610 miles) across the United Arab Emirates.

Snam acquired an indirect stake of nearly 6% in the company

in 2020, along with other consortium partners, including

international funds GIP, GIC, Brookfield Asset Management ( BAM ),

Ontario Teachers' Pension Plan Board and NH Investment &

Securities, through Galaxy Pipeline Assets HoldCo Limited.

Snam did not provide any figure for the financial value of

the transaction.

According to a source, the finalisation of the deal will

result in a capital gain for Snam.