Gazprom to Spend ˆ200mln in Italy
Italian Enel S.p.A. is willing to sell to Gazprom the assets worth ˆ200 million. The matter at stake is the minority ownership in one of power plans in Italy. The assets could be either sold for money or contributed to the venture. The analysts say Russia’s gas monopoly will probably get the facilities of 250MW to 300MW by co-owning a plant capable of generating 760MW to 2,500MW.
Enel is ready to sell to Gazprom the assets worth roughly ˆ200 million, Thomson Financial reported yesterday with reference to Fulvio Conti, chief executive of Italy's utility company Enel. In November, Conti announced that Enel had offered to Gazprom to choose a minority stake in one of its power plants in Italy. They would take only one, Conti said then, adding that it would be split off Enel and Gazprom would be a minority owner.
A source familiar with the progress in negotiations specified that it was the question of two power plants of different capacity and the size of the stakes ranges from 12 percent to 33 percent. Under Italy’s laws, the source went on, a company may control the enterprise if it has more than 30 percent, but the Italians will be able to block strategic decisions because of the golden stock.
People in Gazprom said that they are considering all proposals of Enel but haven’t made the final choice yet. Gazprom and Enel will probably set up a venture for selling gas to end users, Gazprom Deputy Chief Executive Alexander Medvedev made clear in November, during the World Energy Congress in Rome. The monopoly is targeted at expanding to 33 percent on the EU market by 2015 from 25 percent in 2007, Medvedev pointed out.
www.kommersant.com
All the Article in Russian as of Dec. 14, 2007
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