Italy’s Eni, Enel set to start gas production in Siberia in 2010

Energy Trade

Italy’s oil and gas giant Eni and electricity company Enel plan to launch natural gas production at deposits in northwest Siberia in early 2010, Enel said on Thursday.

Eni and Enel acquired the deposits in the Yamalo-Nenets Autonomous Area in 2007 through liquidation auctions of Russia’s once most powerful oil firm Yukos. “Gas under this project will start flowing at the beginning of 2010. In two to three years we expect to meet 50% of the requirements for gas fuel for our electric power plants [wholesale power generating company OGK-5], largely in the Urals,” Enel CEO Fulvio Conti said.

In April 2007 Eni and Enel invested $852 million in setting up a joint venture, SeverEnergia (formerly Enineftegaz), 60% owned by Eni and 40% by Enel, to purchase a group of promising gas fields in northwest Siberia, in particular, Arcticgaz, Urengoil and Neftegaztechnologia. (rian.ru)

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

Martina Cifer joins Avison Young Hungary Appointments

Martina Cifer joins Avison Young Hungary

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.