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Enel SpA Updates on Negotiations with Gazprom neft’ OAO and Novatek OAO over Purchase of Stake in SeverEnergia-Interfax

Sunday, 29 Sep 2013 06:12am EDT 

Interfax reported that Rosneft and Enel SpA (Enel) have clinched a binding contract for the sale of SeverEnergia LLC (SeverEnergia), and talks with Novatek OAO and Gazprom neft’ OAO were fruitless, Enel chief Mr. Fulvio Conti said. Enel has a binding contract with Rosneft for buying out its stake for $1.8 billion. At the present time, Enel is in the process of asking regulatory agencies to approve the deal, and is waiting for a green light to complete the deal, Mr. Conti told the press on the sidelines of the investment forum in Sochi. Novatek OAO and Gazprom neft’ OAO both discussed buying the SeverEnergia stake with Enel but made no official proposals, while Rosneft was making a binding final offer, Mr. Conti said. On Sep 24 Rosneft announced an agreement with Enel for the acquisition of 40% in Arctic Russia B.V. conferring indirect ownership of 19.6% in SeverEnergia. Meanwhile, Novatek OAO’s co-owner Mr. Gennady Timchenko has said that Gazprom neft’ OAO and his company were also engaged in negotiations to buy Enel's SeverEnergia stake. SeverEnergia is a joint gas production venture with assets in Yamal-Nenets Autonomous Region of Russia. A 51%-stake is held by Yamal Development, a joint venture of Novatek OAO and Gazprom neft’ OAO, established on a parity basis. 49% stake is held by Arctic Russia B.V., a joint venture between Italian Eni and Enel, where the parties hold 60% and 40% respectively.