Gazprom Implements Option for Collecting 20% Stake in Gazprom Neft

Today in Moscow, as part of the Russia-Italy Forum, Alexey Miller, Chairman of Gazprom's Management Committee and Paolo Scaroni, Chief Executive Officer of ENI signed a purchase-and-sale agreement for a 20% stake in Gazprom Neft. Therefore Gazprom has implemented its option reached between the two companies in April 2007.

According to the documents, Gazprom's share in Gazprom Neft has climbed to 95.68%. The deal is worth around US $ 4.1 billion and will be financed by Gazprom taking out loans from a number of Russian banks.

Alexey Miller and Paolo Scaroni agreed that signing this document is yet another example of the constructive relationship between Russia and Italy and that it expands the prospects for further growth in the countries' energy partnership.

Gazprom, ENI and Enel also reached an agreement to extend the timetable for implementing Gazprom's acquisition option of a 51% share in SeverEnergy until May 30, 2009.

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