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Friday, June 05, 2009

E.ON inks pact for Yuzhno Russkoye gas field

Yuzhno Russkoye gas field06-05-2009 - Scandinavian Oil&Gas - E.ON’s participation in the Yuzhno Russkoye gas field in Siberia has been finalised. Alexej Miller, CEO of OAO Gazprom, and Bernhard Reutersberg, CEO of E.ON Ruhrgas AG, signed a detailed agreement to that effect at a meeting in St Petersburg. E.ON’s acquisition of just under 25 % in Yuzhno Russkoye is to be completed this year. In return, Gazprom will take over from E.ON Ruhrgas its 49 % interest in the Russian company ZAO Gerosgaz, which holds almost 3 % of the Gazprom shares. Via Gerosgaz E.ON Ruhrgas is economic owner of that share package, which will be transferred to Gazprom ownership. The company continues to hold 3.5 % of the Gazprom shares. "We are pleased that the negotiations on our participation have been successfully completed. We are thus 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 Wulf Bernotat, CEO of E.ON AG. Alexej Miller, CEO of OAO Gazprom, also regards this participation as a successful example of German-Russian energy partnership. “By implementing this asset exchange transaction, Gazprom and E.ON have once again demonstrated a successful development of long-term Russian-German cooperation in the energy sphere. Now our companies are partners in the area of gas production as well. Unique experience of developing the Yuzhno Russkoye field will not only allow Gazprom and E.ON to strengthen their business ties, but will also serve as further confirmation of our mutual trust and friendship.” "For over 35 years we have been cooperating closely with Russia, as again illustrated by our participation in Yuzhno Russkoye. At the same time we are coming considerably closer to our upstream goal: In the long run, E.ON intends to obtain at least 10 billion m³ of gas from its own production," stressed Bernhard Reutersberg.

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