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Eni signs contracts for the sale of gas in Russia

Source: www.gulfoilandgas.com 7/8/2008, Location: Asia

Eni, through its wholly owned subsidiary OOO Eni Energhia, has signed gas sale contracts with TGK-9. Under the terms of the contracts, as of 1 June 2008, 350 million cubic meters of gas will be sold by 2010.

Thanks to the new contracts, Eni will become the first European player to enter the Russian gas downstream market through sale and purchase deals. Moreover, this success represents a fundamental step towards the development of Eni's presence in the Russian market, and to achieving the target set out in the strategic plan 2008-2011 of 900 million cubic meters to be sold in 2011.

The Russian gas market is the second largest consumer of gas worldwide. Furthermore, the Russian Government is pursuing a gradual plan of price increases that, following the trend of world energy outlooks, will make European and internal gas prices aligned between 2011 and 2014, net of transportation costs and export taxes.

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