Support The Moscow Times!

Eni Sells SeverEnergia Stake to Novatek, GazpromNeft

Italian oil and gas group Eni has agreed to sell its stake in natural gas producer SeverEnergia to Russia's Novatek and Gazprom Neft for $2.94 billion.

The deal is likely to increase tensions between Russia's oil barons, already heightened by the $1.8 billion sale earlier this month of utility Enel's stake in SeverEnergia to Kremlin-controlled Rosneft.

SeverEnergia stakeholder Gennady Timchenko, a co-owner of Novatek had said the Enel stake in SeverEnergia was still of interest to him.

In a statement Eni, the biggest gas customer of Russia's Gazprom, said it would be paid in cash when the deal was completed and would exit upstream development in Siberia.

Eni originally bought the stake for $600 million.

SeverEnergia is expected to produce 36 billion cubic meters of gas and liquids by 2017.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more