Gazprom Gains Foothold In Southern European Market Through Deal With ENI.Gazprom on Nov. 15 signed a landmark deal with ENI of Italy which gives the Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. giant a coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in southern Europe's lucrative retail gas sales and ENI the promise of upstream From the consumer to the provider. See downstream. (networking) upstream - Fewer network hops away from a backbone or hub. For example, a small ISP that connects to the Internet through a larger ISP that has their own connection to the backbone is downstream from the larger assets. The accord - signed in Moscow after months of talks between the two companies - lets Gazprom sell gas directly onto the Italian market from next year with the volume to reach 3 BCM/year by 2010. ENI will join with Gazprom to buy oil E&P assets in Russia and Africa, the Italian company's chief executive Paolo Scaroni Paolo Scaroni is the CEO of Eni, one of the most important integrated oil companies in the world. Nationality: Italian. Born in Vicenza, Italy on November 28, 1946. Education: - Bachelor in Economics, University L. Bocconi in Milan, 1969. told a conference call after a statement on the accord. The deal also involves assets of bankrupt BANKRUPT. A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt. 2. It is proper to notice that there is much difference between a bankrupt and an insolvent. Russian energy firm Yukos. The deal will allow ENI "to have an important presence as an oil and gas producer in Russia", Scaroni said, adding: "In exchange, ENI will take Gazprom out of Russia and in particular to Africa where it will acquire productive assets together with ENI". Gazprom could take a stake in ENI unit Enipower as part of the deal, Scaroni said as he fleshed out the statement, but will not be buying into gas network operator Snam Rete Gas. Snam Rete Gas later said in a statement it would help implement a Russian gas transportation system as part of the deal. Gazprom already supplies one-third of Italy's gas under term contracts with ENI. ENI shares rose sharply after Reuters reported an announcement was imminent, adding 0.7% in five minutes to 24.83, then rising again after confirmation of the accord. They closed up 0.49% at 24.83). Gazprom supplies about 25% of Europe's gas needs. It has been a wholesaler of gas, selling big volumes to utilities which then sell the energy on to final consumers. In recent months, Gazprom has made no secret of its ambition to build up its retail business, selling gas direct to customers. This year, it has struck co-operation deals in Germany and Hungary, giving companies in these consumer markets greater access to its gas fields. But unlike its deals with Germany's BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida and E.ON E.ON Energy On (German energy company) , which gave the German firms stakes in the Yuzhno-Russkoye Siberian gas field, no specific assets were mentioned for ENI. This year Gazprom gained direct access to customers in Britain, Europe's biggest gas market, with the acquisition of the commercial supply business of Pennine Natural Gas. Gazprom has said it plans to start selling directly to consumers in France, though it is unclear whether this would involve the acquisition of a local utility. |
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