Eni sells 20% stake in Russian oil firm

Source: Agencies | April 8, 2009, Wednesday |

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ITALIAN oil and gas company Eni SpA yesterday signed a deal to sell its 20-percent stake in Russian oil producer Gazprom Neft to parent company Gazprom, Russian news agencies reported.

Gazprom, Russia's state-controlled natural gas monopoly, will pay US$4.2 billion for the stake, according to the reports.

The firm already holds about 73 percent of the oil company's shares, either directly or through a subsidiary.

The deal, signed by Gazprom head Alexei Miller and Eni's Paolo Scaroni, comes at a difficult time for Gazprom, which has been hit by falling oil prices and plummeting energy demand across Europe.

Last week, Prime Minister Vladimir Putin offered state aid to Gazprom to help the company through the downturn, something that Gazprom's Chief Executive Officer Miller promptly declined.

Energy

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Eni sells 20% stake in Russian oil firm

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