Eni to Sell 30% Stake in Zohr Gas Field to Rosneft For $1.13 Billion
December 12 2016 - 3:34AM
Dow Jones News
By Eric Sylvers
Eni agreed to sell a 30% stake in Egyptian gas field Zohr to
Rosneft for $1.13 billion, as the Italian energy company sells down
its holding to raise cash and share the costs of developing the
project.
Eni will also receive $450 million to cover previous development
costs, the company said in a statement. Rosneft has an option to
buy another 5% of the field with the same conditions.
In November, Eni sold a 10% stake in the field to BP Plc for
$525 million.
The company has said it will sell EUR7 billion ($7.4 billion) in
assets by 2019, largely through divesting stakes in recently
discovered fields, to help it weather the crash in oil prices and
to finance future developments.
Write to Eric Sylvers at eric.sylvers.wsj.com
(END) Dow Jones Newswires
December 12, 2016 03:19 ET (08:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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