Eni's Russian adventure

4 April 2007 By Fiona Maharg-Bravo

Still, Eni gets a big chunk of reserves at rockbottom prices. And it solidifies its relationship with the Russians. Unlike TNKBP, the Italian company actually won. But Gazprom has the right to buy back 80% of the prize within two years.

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Italian energy groups Eni and Enel won a Russian state auction for the gas assets of bankrupt oil firm Yukos. Enineftegaz, which is 60% owned by Eni and 40% by Enel, paid $5.83bn for three oil and gas companies (Artic Gas Company, Urengoil, Neftegaztechnologia) as well as a 20% stake in Gazprom Neft.

Gazprom, the Russian sate gas monopoly, has the right to buy 51% of the three oil and gas companies within two years. It also has the option to buy the 20% stake in Gazprom Neft within two years at a price of $3.7bn plus financing and transaction costs.

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