Eni and China National Petroleum Corporation ("CNPC") have concluded Eni’s sale to CNPC of 28.57% of Eni East Africa’s shares, owner of a 70% interest in Area 4, located off the coast of Mozambique.
The deal was closed on the basis of the price sanctioned by the agreement signed on 14 March 2013, equal to US$ 4,210 million, integrated for contractual balances provided until the date of closing.
Through this deal, CNPC acquires a stake in Eni East Africa which equates to a 20% indirect participation in Area 4. Eni remains the indirect owner of the 50% participation owned by Eni East Africa. The remaining shares in Area 4 are held by Empresa Nacional de Hidrocarbonetos de Mozambique (ENH, 10%), Kogas (10%) and Galp Energia (10%).
CNPC’s entrance into Area 4 is strategically significant for the project because of the worldwide importance of the company in the upstream and downstream sectors.
Furthermore, the planned activities of the Joint Study Agreement, signed between the parties in March, which focus on developing the promising shale gas block located in the Sichuan Basin in China, will continue.
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