Contractors Unlimited

Gazprom Completes Payment for the 51% Stake in SeverEnergia

ENI Logo Eni and Enel announce that Gazprom has effected the payment of 1.182 billion US dollars to Artic Russia B.V. (60% Eni, 40% Enel) as the second and final tranche owed by Gazprom in respect of the sale and purchase agreement of a 51% participation interest in SeverEnergia, signed on June 5, 2009.

The total consideration paid by Gazprom, including the first tranche paid on September 23, 2009, amounts to approximately 1.6 billion US dollars (Eni's total share is 940 million US dollars of which 709 related to the payment).

SeverEnergia, is the first Russian-Italian E&P company. It has offices in Moscow and operations in the Yamal-Nenets region (Western Siberia), which currently produces some 90% of Russian gas. As already stated in previous agreements, the parties are committed to producing first gas by 2011 from the Samburgskoye field and reaching a production level of about 150,000 boe per day within two years of the start of production.

Published 06/04/2010

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