Gazprom Sells Stake in Eni-Enel JV for $1.5B

MOSCOW (Dow Jones Newswires), Nov. 3, 2010

Russian gas firm Gazprom has sold a controlling stake in SeverEnergia--a natural gas project part-owned by Eni and Enel --for $1.5 billion, Gazprom's oil arm Gazprom Neft said Wednesday.

Gazprom's management in September approved the sale of a 51% stake in SeverEnergia, which includes former assets of bankrupt Yukos, to a joint venture owned by Gazprom Neft and Novatek, which is Russia's No. 2 gas producer.

The two companies bought the stake for $1.5 billion and also took on a debt of $250 million, said Gazprom Neft Deputy Chief Executive Vadim Yakovlev.  

Copyright (c) 2010 Dow Jones & Company, Inc.

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