Eni and Gazprom Ink Upstream Deal

A meeting between the heads of Eni and Gazprom took place in Moscow attended by Eni CEO Paolo Scaroni, the COO E&P Division Stefano Cao, the COO G&P Division Luciano Sgubini, Gazprom Chairman Alexey Miller and Head of Foreign Relations S. Tsygankov. The meeting was to evaluate new opportunities for co-operation and development in the oil & gas sector, especially bearing in mind the strengthening achieved by Gazprom in the upstream with its Sibneft acquisition.

During the meeting Eni and Gazprom agreed to promote new deals in activities of hydrocarbon exploration in Russia, commercialization of oil products outside Russia and commercialization of gas in Europe.

Taking into account the agreements of today, the top managers of the two companies have decided to consider the deal signed on the 10 May 2005 outdated and to proceed with the definition of a new and wider deal, which will be submitted in due course, whether necessary, to the authorizations of the Antitrust Authorities.

The top managers of the two companies have agreed to meet again by the end of October to fix the overall outlook of the new co-operation considering the deals reached today.