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Monday, May 18, 2009

Enel, Eni Sell 51% Stake In SeverEnergia To Gazprom For $1.5B

05-15-2009 - (Dow Jones)- ROME -Italy's two biggest energy companies, Enel SpA (ENEL.MI) and Eni SpA (E), said Friday they have agreed to sell a 51% stake in Russian company SeverEnegia to OAO Gazprom (GAZP.RS) for about $1.5 billion, in a move widely expected by the market. In a statement, the two companies said Enel will receive about $600 million and Eni $900 million. The amounts will be transferred in two tranches between this year and 2010. Enel and Eni formed SeverEnergia in 2007 by teaming up to purchase some of the assets that Moscow seized after breaking up oil giant Yukos. The two Italian companies gave Gazprom an option to buy a 51% stake in SeverEnergia. SeverEnergia targets daily natural gas output of at least 150,000 barrels of oil equivalent from 2013, Eni and Enel said.

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