E.ON sells Gazprom stake to VEB

E.ON sells Gazprom stake to VEB
Russian state development bank, Vnesheconombank, will buy a 2.7% stake in Gapzrom from E.ON Ruhrgas for 3.4 billion euro, with the transfer expected to take place in December.

The German utility has sold a further 0.8% stake non the open market, in a move to reduce its debts, as part of an asset sale programme intended to raise 15 billion euro by 2014, according to a statement by E.ON CEO Johannes Teyssen.

The announcement comes after E.ON Ruhrgas swapped a 3% stake in Gazprom for a 25% minus three shares stake the Gazprom unit developing the Yuzhno- Russkoye gas field in western Siberia, in 2009.

E.ON emphasised that the sale of its Gazprom stake did not alter its commitment to the partnership with Gazprom.

“We will use these proceeds to further reduce our debt and to increase our flexibility for making new strategic investments. The sale of our Gazprom stake does not alter our Russia strategy. E.ON will remain an active investor in Russia in both power and gas. Our participation in power producer OGK-4 and in Yuzhno Russkoye gas field are examples of E.ON’s very solid position in Russia.”