The price of friendship

7 April 2009 By Pierre Briancon

Gazprom, for example. The debtladen Russian giant has agreed to buy out Eni’s 20% stake in Gazprom Neft for $4.2bn. The Italian oil major bought in two years ago when former oil major Yukos was broken up, under state pressure. Where will Gazprom get the money? From the state.

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Gazprom, the Russian state owned group and world's largest natural gas producer, will exercise an option that expires this month to buy a 20% stake in Gazprom Neft from Italian oil and gas company Eni, according to the Wall Street Journal.

The stake in the alreadyGazpromcontrolled oil company will be bought for around $4.2bn, according to wire reports.

Eni, together with Italian gas group Enel, in 2007 bought former assets of Yukos, the Russian oil group driven to bankruptcy by the prosecution of its owner Mikhail Khodorkovsky, who was ultimately sentenced to jail for fraud and tax evasion.

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