Russ Oil-Gas

17 September 2007 - Upstream OnLine - Gazprom Neft, the oil arm of Russian gas export monopoly Gazprom, could soon have directors from Italian producer Eni on its board, Russian media reports have claimed. The Eni representatives could join the board in November, news agency Interfax quoted an unnamed source in Gazprom as saying. In April, Eni bought 20% of Gazprom Neft, previously billionaire Roman Abramovich's Sibneft, at a state-forced auction of assets of bankrupt Russian oil company Yukos. Gazprom has an option to buy back the stake from the Italian company at any time over the next 15 months, a Reuters report said. Gazprom Neft has an extraordinary shareholders' meeting in November, when it will elect new directors. In July media speculation surfaced that Gazprom wanted to take over Eni, rumours which were later denied.