Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Eni sells €2.17 bn Russian stake

Share this article

Eni sells €2.17 bn Russian stake
Under the deal Eni will hand over its 60-percent stake in Arctic Russia. Photo: EniI/Flickr
13:08 CET+01:00
Italian energy giant Eni said on Wednesday it is selling its stake in Arctic Russia to Yamal Development, a joint venture owned by Novatek and Gazprom Neft, for €2.17 billion.

Under the deal, signed in Moscow, Eni will hand over its 60-percent stake in Arctic Russia, which owns 49 percent of Severenergia.

The Russian oil and gas company holds four licences for the exploration and production of hydrocarbons in the region of Yamal Nenets and is expected to produce 36 billion cubic meters of gas and liquids by 2017.

Eni said that the transaction was subject to approval and specified that the sale price "will be paid in cash at closing".

Novatek and Gazprom Neft had been keen to raise their stake in Severenergia to ward off possible ownership challenges from state oil giant Rosneft.

Don't miss a story about Italy - Join us on Facebook and Twitter.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement