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Libyan Government Approves Gazprom/ENI Swap.

Summary: The government of Libya has approved Gazprom's entrance into NC-174, which contains the El Feel field, also known as the Elephant field.

The government of Libya has approved Gazprom's entrance into NC-174, which contains the El Feel field, also known as the Elephant field. The Russian gas giant will be taking ENI's stake in the field as part of an asset swap between the two. The stake is part of a 2006 strategic partnership between ENI and Gazprom that calls for an exchange of assets. aENI head Paolo Scaroni said, "You have to wait for the price of oil to stabilize a bit to have a shared valuation of the asset."

Libya and Italy said jointly on December 6 that Libya was interested in taking a stake in Eni. Scaroni called a potential Libyan stake a 'positive action.'

"By definition I like all shareholders, I'm affectionate toward those who buy Eni shares," he said.

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Publication:UMCI News (Potomac Falls, VA)
Date:Dec 15, 2008
Words:166
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