Russ Oil-Gas

RBC, 03.11.2006, Moscow 17:16:39.The possible asset swap deal between Gazprom and ENI is probably intended for creating a strategic consortium to facilitate acquisitions on European and Russian markets, analysts said commenting on Italian media reports that Gazprom was planning to swap a 20-percent stake in NOVATEK for 40 percent of Enipower shares and stakes in a Libyan oilfield and LNG refinery. According to Italian press, the deal may be connected to plans to sign a long-term contract for Russian gas supplies to Italy until 2017. Gazprom will probably still retain a stake in NOVATEK to participate in the management of the independent gas producer, experts believe. Some risks may be involved for NOVATEK in being co-owned by the Italian giant because the Russian gas producer will then be viewed as a foreign company by Russian authorities. This will prevent it from tendering for participation in the exploration of Russia's strategically important oil and gas fields as outlined in the new draft of the Russian subsurface resources law, experts said.