Gazprom's purchase of stake in Elephant project in Libya from Eni still has not happened
MOSCOW. April 8 (Interfax) - Gazprom still has not transferred funds to Italy's Eni for its stake in the Elephant project in Libya, the Russian gas giant's director for external economic operations, Pavel Oderov, told journalists.
When has if funds for the stake had been transferred, Oderov: "so far no".
Eni CEO Paolo Scaroni earlier said that the company has postponed the sale of the stake in the project for an undetermined amount of time owing to the political conflict in Libya.
Eni and Gazprom's subsidiary, Gazprom Neft , signed an agreement for the stake in Elephant. Gazprom Neft was expected to pay $163 million for Eni's stake.
Libyan authorities should have approved this agreement but the country experienced a political crisis, which has turned into a civil war.
The Elephant field is located 800 kilometers to the south of Tripoli. A consortium of foreign companies (Eni with 66%, Korean National Oil Corporation (KNOC) with 33% and Libya's National Oil Corporation). Gazprom should have received 33% in the consortium from Eni.
Gazprom and Eni signed an agreement on strategic partnership in November 2006, according to which both companies swapped assets. Eni acquired a stake in the production project SeverEnergia and Eni was obliged to sell Gazprom its assets inside Russia.
Since the transfer of the stake in the project has been delayed, both sides are now discussing options for a swap. For instance, Gazprom is mulling the purchase of 8.3% in an oil refinery in Schwedt, Germany. In addition, Eni could sell 32% in Czech company Ceska rafinerska, as well as other refining assets.