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Eni SpA Completes Sale of 28.57% of Eni East Africa's Share to China National Petroleum Corp

Friday, 26 Jul 2013 05:52am EDT 

Eni SpA announced that it has, on July 26, 2013, concluded Eni's sale to China National Petroleum Corp (CNPC) of 28.57% of Eni East Africa's shares, owner of a 70% interest in Area 4, located off the coast of Mozambique. The deal was closed on the basis of the price sanctioned by the agreement signed on March 14, 2013, equal to USD 4,210 million, integrated for contractual balances provided until the date of closing. Through this deal, CNPC acquires a stake in Eni East Africa which equates to a 20% indirect participation in Area 4. Eni remains the indirect owner of the 50% participation owned by Eni East Africa. The remaining shares in Area 4 are held by Empresa Nacional de Hidrocarbonetos de Mozambique (ENH, 10%), Kogas (10%) and Galp Energia (10%). 

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