Diego Stendardo

Is Eni Becoming Gazprom's European Twin?

Another update...

A2A, Iride in gas sales joint venture with Gazprom
Reuters - 25/09/2008 18:53:56
MILAN, Sept 25 (Reuters) - Russia's Gazprom has signed a joint venture deal for gas sales on the Italian market with utilities A2A and Iride (IRD.MI), the companies said in a joint statement on Thursday.

The companies also signed a long-term gas supply contract for an initial volume of 900 million cubic metres per year, which could be increased.

The contract starts on Oct. 1, 2008 and runs to 2022 and could be extended for another five years. Gazprom will have 50
percent of the joint venture while A2A and Iride will divide up their half, giving Iride 30 percent of their share and A2A the rest.

Gazprom will appoint the chairman of the joint venture while the Italian utilities will appoint the managing director.

Another group of Italian utilities, Sinergie Italiane, was also working on creating a gas sales joint venture with Gazprom before the summer.

Ascopiave joined Enia and Blugas in the venture along with three small northern Italian utilities and in July they were looking at a venture with Gazprom.

(Reporting by Jo Winterbottom; editing by Elaine Hardcastle)