Support The Moscow Times!

Gazprom Neft Counts on Eni

Gazprom Neft still hopes to return to Libya, where its deal to buy a stake in the Elephant oil project from Italian group Eni was halted by the ongoing civil war, Boris Zilbermints, deputy head of Gazprom Neft, said Wednesday.

"We still hope that when the situation in Libya stabilizes we will return to the Elephant project. … We sit and wait, we had great plans for Libya," he said.

In February, Gazprom agreed to buy half the 33.3 percent stake in the Elephant oil field held by Eni, valuing Gazprom's future stake at about $170 million. The agreement was a part of a strategic partnership signed between Eni and Gazprom in 2006. Last month, Eni said the agreement was postponed because of the conflict in Libya.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.