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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.

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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.

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