integrated Italian oil and gas company Eni has revealed plans to spin off its Snam gas subsidiary to meet the European Union's gas liberalisation demands. The Milan-based major has also posted strong earnings for the first nine months of this year driven by higher oil prices, improved downstream margins, increased oil and gas sales and cost cutting. Eni's board, which is headed by Vittorio Mincato, has approved a plan to restructure Snam as well as its gas storage business, creating two new companies in the process.