Yamal Development is acquiring Eni’s 60% equity stake in Arctic Russia BV, which owns 49% of the SeverEnergia joint venture, which holds licenses in the region.
After closing, Eni will no longer hold a stake in SeverEnergia. Yamal Development’s effective share in SeverEnergia will increase to 80.4%.
In September, OAO Rosneft agreed to acquire a 40% stake in Arctic Russia from Italian power company Enel for $1.8 billion (OGJ Online, Sept. 24, 2013).
Regarding its presence in Russia, Eni said it is the biggest buyer of natural gas from Gazprom, a major buyer of oil from Rosneft, has a joint venture with Rosneft to explore promising assets in the Black Sea and Barents Sea, and a partnership with Gazprom in the South Stream project.