POST Online Media Lite Edition



 

Eni to sell 30% stake in Zohr gas field to Rosneft for $1.13 billion

Staff Writer |
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.

Article continues below






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.


What to read next

McDonald’s selling majority stake in China for up to $2 billion
Founder Chip Wilson plans to sell entire Lululemon stake
Barclays decides to sell larger stake in African division