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Thursday, October 02, 2008

E.ON to Pay to Gazprom by Stocks

Oct. 02, 2008 – Kommersant – Russia’s Gazprom and German Е.ON AG have inked an agreement to jointly exploit Yuzhno-Russkoe oil and gas field, Interfax reported from St. Petersburg. Russia’s President Dmitry Medvedev and German Chancellor Angela Merkel attended the ceremony. The agreement that Gazprom CEO Alexei Miller and his E.ON counterpart Wulf H. Bernotat sealed today, October 2, 2008, spells out the asset swap, whereby the German company will get 25 percent less a common stock in Severneftegazprom and, therefore, will be able to join the development of Yuzhno-Russkoe field. Russia’s monopoly will receive 49 percent in Gerosgaz, which is the holder of 2.93 percent in Gazprom. As a result, Gazprom will own this stake in part and in whole. At the same time, Е.ON Ruhrgas will retain direct ownership for the remaining 3.5 percent in Gazprom. Economically, the asset swap will take effect January 1, 2009, even though the parties plan to close the deal in the second half of 2009. Yuzhno-Russkoe oil and gas field is located in Yamal-Nenets Autonomous District; its explored reserves equaled 805.3 billion cu meters of gas and 5.7 million tons of oil as of January 1, 2007.

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