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Strategic Agreement Extension Between Eni & Gazprom

Source: www.gulfoilandgas.com 12/23/2010, Location: Asia

Gazprom CEO Alexey Miller and Eni CEO Paolo Scaroni signed the extension of the strategic agreement signed by Eni and Gazprom in November 2006.

The agreement, which would expire on December 31, 2010, will be extended until 2012 with automatic, yearly renewals unless otherwise requested by at least one of the two companies. The extension of the agreement will make possible industrial and commercial initiatives both in the Russian Federation and in third countries.

Moreover, the companies signed agreements for technical-scientific co-operation in the upstream and downstream sectors. These agreements envisage the creation of integrated working groups to study the application of drilling, production, transportation, energy saving and LNG technologies and processes, as well as personnel training and development.

Signed on November 14, 2006 in Moscow, the strategic agreement between Eni and Gazprom set up an international alliance enabling the two companies to launch joint projects in mid and downstream gas, in the upstream sector and in technological cooperation.

Among them, the South Stream project, the gas pipeline system, being studied which will link Russia to the European Union across the Black Sea and will significantly contribute to improving the security of energy supplies for Europe.

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