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Thursday, April 23, 2009

Gazprom, E.ON could close Siberian asset deal in summer

MOSCOW, April 23, 2009 (RIA Novosti) - Gazprom and Germany's E.ON could close a deal for the German company to join the development of northwest Siberia's Yuzhno-Russkoye oil and gas field as early as the summer, the E.ON head said on Thursday. "We hope that it [the deal] will be closed in the second half of the year, possibly in summer," Wulf Bernotat said in an interview with business daily Vedomosti. Under the asset swap deal, signed in St. Petersburg late in 2008 in the presence of German Chancellor Angela Merkel and Russian President Dmitry Medvedev, E.ON, the world's largest utility company, will receive 25% minus one share in Gazprom subsidiary Severneftegazprom, while the Russian energy giant will get a 49% stake in E.ON's ZAO Gerosgaz, which holds a 2.93% interest in Gazprom. Severneftegazprom holds a license for the Yuzhno-Russkoye oil and gas deposit, which has recoverable reserves of 800 billion cubic meters of gas and 5.7 million metric tons (41.7 million barrels) of oil. Gerosgaz, founded in 1999, is a joint stock company in which Gazprom Export holds 51% interest, and E.ON Ruhrgas AG has 49%.

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