Oil Report

Russia's Gazprom Neft appoints Eni execs to board

MOSCOW, Nov 19 (Reuters) - Gazprom Neft SIBN.MM, the oil arm of Russian gas export monopoly Gazprom GAZP.MM, appointed two high-level representatives from Italian energy firm Eni ENI.MI to its board of directors on Monday.

Eni Vice President of Supply and Portfolio Development Marco Alvera and Chief Operating Officer of Exploration and Production Stefano Cao were appointed to Gazprom Neft’s board along with eight others from both Gazprom and Gazprom Neft.

In April, Eni bought a 20 percent stake in Gazprom Neft from bankrupt oil firm YUKOS, and Gazprom, which owns 75 percent of Gazprom Neft, has the right to buy Eni’s stake over the next two years.

Russian media has speculated Gazprom has not budgeted funds for the stake’s repurchase in 2008.

Gazprom Neft is Russia’s fifth-largest oil producer, extracting around 860,000 barrels per day. Its former owner, billionaire Roman Abramovich, sold the firm, then called Sibneft, to Gazprom in 2005. (Reporting by Amie Ferris-Rotman, editing by Anthony Barker)