Gazprom Completes 51 % Stake in Severenergia

Source: www.gulfoilandgas.com 9/23/2009, Location: Asia

Gazprom has completed the acquisition of a 51 per cent stake in SeverEnergia worth about USD 1.6 billion. Thus, SeverEnergia shareholding structure is as follows: Gazprom – 51 per cent, the Italian partners – 49 per cent (via a joint venture between ENI and Enel holding 60 and 40 per cent respectively).

New boards of directors have been formed in SeverEnergia and its subsidiaries, with Gazprom’s representatives occupying most of the positions. In the near future Gazprom’s representatives will also be appointed to the managing positions in the executive bodies of SeverEnergia group of companies.

Italy is the third-largest importer of Russian gas in Europe. In 2008 Gazprom supplied Italy with 22.4 billion cubic meters of gas.

In November 2006 Gazprom and ENI entered into the Strategic Partnership Agreement providing Gazprom with the opportunity to directly supply Russian gas to the Italian market starting from 2007. Gas supply volumes will be gradually increased to 3 billion cubic meters per annum by 2010. Under the Agreement the existing contracts for Russian gas supplies to Italy were extended till 2035.

SeverEnergia (originally – ENIneftegaz), a consortium between ENI and Enel, purchased in 2007 the following assets: Arcticgaz (100 per cent), Urengoil (100 per cent), Neftegaztekhnologia (100 per cent) and, Gazprom neft (20 per cent).

On April 7, 2009 Gazprom and ENI signed a Purchase and Sale Agreement for a 20 per cent stake in Gazprom neft.

As a result, Gazprom’s share in Gazprom neft reached 95.68 per cent. The deal was estimated at around USD 4.1 billion.

SeverEnergia group of companies holds licenses for hydrocarbon exploration and production in Western Siberia.

On May 15, 2009 Gazprom, ENI and Enel signed the Implementation Agreement setting the terms & conditions for Gazprom to acquire a 51 per cent stake in SeverEnergia


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