Eni Sells Stake in Arctic Russia to Russia’s Yamal Development

November 21, 2013

On November 20 in Moscow Eni signed an agreement to sell its 60% stake in Arctic Russia to Yamal Development, a joint venture equally owned by Novatek and GazpromNeft, Eni’s press service has said.

Artic Russia owns 49% of Severenergia, which holds four licenses for the exploration and production of hydrocarbons in the region of Yamal Nenets.

The transaction is subject to receipt of necessary approvals. The sale price is 2.94 billion dollars, which will be paid in cash at closing.

Following the closing of the transaction, Eni will no longer hold a stake in Severenergia.

With this sale Eni monetizes its investment in Siberian upstream assets, which have been significantly matured, coherently with its objective of creating value for shareholders.

Source: Eni Press Office, 2013