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Thursday, October 02, 2008

Gazprom, E.ON sign asset swap accord

RBC, 02.10.2008, St. Petersburg 15:53:02.Gazprom CEO Alexei Miller and Chairman of E.ON's executive board Wulf Bernotat have signed an agreement on joint participation in the development of the Yuzhno-Russkoye oil and gas field, the two companies said in a joint statement today. The document was signed in St. Petersburg in the presence of Russian President Dmitry Medvedev and German Chancellor Angela Merkel. The agreement provides for an asset swap, following which E.ON is to receive 25 percent minus one common registered share in Severneftegazprom, and thus take part in the development of the Yuzhno-Russkoye field. In turn, Gazprom is to get a 49-percent stake in Gerosgaz, which holds 2.93 percent of Gazprom shares. The asset swap will take effect on January 1, 2009, with the parties planning to close the deal in the second half of that year.

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