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Friday, June 05, 2009

E.ON gets a slice of Yuzhno Russkoye

06-05-2009 - Upstream OnLine - Germany's E.ON group said today it has signed a deal to complete the acquisition of a 25% stake in the Siberian Yuzhno Russkoye gas field from Gazprom, wrapping up more than four years of preparation to co-own the strategic asset. Ruhrgas and Gazprom chief executives Bernhard Reutersberg and Alexei Miller signed the agreement in St Petersburg, Reuters quoted the company as saying in a statement. It entails Gazprom taking over from E.ON Ruhrgas its 49% interest in the Russian company ZAO Gerosgaz, which holds nearly 3% of Gazprom shares. Via Gerosgaz, E.ON Ruhrgas is the owner of that share package, which will be transferred to Gazprom ownership. E.ON Ruhrgas continues to hold 3.5% of Gazprom shares via Gerosgaz. "We are...deepening our long-standing partnership with Gazprom based on mutual trust and are making an important contribution to security of supply for Germany and Europe," said E.ON head Wulf Bernotat. He reiterated E.ON's long-term goal to source at least 10 billion cubic metres of gas from its own production. E.ON Ruhrgas' relationship with Gazprom to source Russian gas goes back 35 years but it has been keen to become owner of parts of the huge Yuzhno Russkoye reserves, of which Gazprom sold a 35% minus one share stake to E.ON Ruhrgas peer Wintershall in 2006. The gas field will partly supply gas to the Nord Stream pipeline under the Baltic Sea to Germany, which is envisaged to bring gas to Europe from late 2011.

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