Eni sells majority holding in Arctic Russia for $2.94B

|By:, SA News Editor

Eni (E) has agreed to sell its 60% stake in Arctic Russia to to Yamal Development, a joint venture owned by Novatek (NOVKY) and GazpromNeft (OGZPY), for $2.94B.

"With this sale, Eni monetizes its investment in Siberian upstream assets, which have...significantly matured," the company said.

Arctic Russia owns 49% of Severenergia, which holds four licenses for the exploration and production of hydrocarbons in the region of Yamal Nenets in Siberia. (PR)