Eni, Enel Win Auction Of Yukos Assets

Law360, New York (April 4, 2007, 12:00 AM EDT) -- Italy’s two biggest energy companies, Eni SpA and Enel SpA, won a contentious auction for assets of bankrupt Russian oil giant Yukos on Wednesday, and quickly offered to sell the bulk of their newly gained goods to Russian gas monopoly Gazprom.

EniNeftegaz, a joint venture between Eni and Enel, agreed to pay $5.83 billion for a 20% stake in gas-producing companies ArcticGaz and Urengoil as well as other smaller assets. Eni owns 60% of the joint venture, while Enel holds 40%.

Eni said the deal was...
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