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Gazprom to benefit from buying ENI's stake in Gazprom Neft
RBC, 25.03.2009, Moscow 14:02:33.Gazprom's decision to exercise the option to buy back the Italian company ENI's stake in Gazprom Neft will have a positive effect on the Russian gas holding's business, Russian market analysts said, commenting on reports that Gazprom could close the deal on the acquisition of 20 percent of shares in its oil subsidiary from ENI in early April as part of an earlier option agreement. Experts say that after Gazprom buys back the stake from the Italian company, it will be able to implement its plan to consolidate oil assets in Gazprom Neft approved by not only the gas monopoly itself, but also the state, thus enabling the oil producer to boost annual output by an estimated 12m tonnes and obtain new licenses. The exact price at which Gazprom may buy the stake in Gazprom Neft has not been revealed. Earlier Russian estimates put the deal at $4bn. Analysts believe, however, that Gazprom and ENI may have agreed to lower the dollar-denominated price, because the option was released two years before the economic crisis broke out and the ruble's devaluation took place. They suggest that Gazprom is likely to ask no more than $3.8-$4 per share for Gazprom Neft. Gazprom will need to raise financing to complete the transaction, analysts say, adding that although the financing deals may not be finalized yet, the holding will certainly be able to raise the necessary facility by April. Gazprom's press office has not yet commented on either the possibility of exercising the option to buy back ENI's stake in Gazprom Neft in early April or the process of raising financing for this purpose.
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