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Il Sole 24 Ore (Italy): ENI fearful for Gazprom deal (In salita l’accordo tra Eni e Gazprom)

Published: Sep 27, 2006

Italian energy company ENI is reportedly concerned for its agreement with Gazprom after seeing deals between several of its western rivals and Russian companies blocked by Moscow.

The government in Russia has intervened to halt the progress of BP, Shell, Exxon-Mobil and Total in recent days, citing environmental or financial reasons, but there is concern that the real motive is favouring Russian companies, such as Gazprom and Rosneft, so they can be dominant in the country’s richest oil and gas fields.

ENI signed a provisional agreement with Gazprom on September 12, and the final deal is set to be struck on October 15. Under the proposals, gas importation contracts will be extended from 2017 to 2027, ENI will acquire significant stakes in Russian oil and gas fields, while Gazprom will be able to sell its gas directly on the Italian market. It is understood that the agreement will be finalised only if there is total reciprocity.

Original article by Walter Riolfi

Abstracted from Il Sole 24 Ore

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