Diego Stendardo

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  • Is Eni Becoming Gazprom's European Twin?
    Another update...

    A2A, Iride in gas sales joint venture with Gazprom
    Reuters - 25/09/2008 18:53:56
    MILAN, Sept 25 (Reuters) - Russia's Gazprom has signed a joint venture deal for gas sales on the Italian market with utilities A2A and Iride (IRD.MI), the companies said in a joint statement on Thursday.

    The companies also signed a long-term gas supply contract for an initial volume of 900 million cubic metres per year, which could be increased.

    The contract starts on Oct. 1, 2008 and runs to 2022 and could be extended for another five years. Gazprom will have 50
    percent of the joint venture while A2A and Iride will divide up their half, giving Iride 30 percent of their share and A2A the rest.

    Gazprom will appoint the chairman of the joint venture while the Italian utilities will appoint the managing director.

    Another group of Italian utilities, Sinergie Italiane, was also working on creating a gas sales joint venture with Gazprom before the summer.

    Ascopiave joined Enia and Blugas in the venture along with three small northern Italian utilities and in July they were looking at a venture with Gazprom.

    (Reporting by Jo Winterbottom; editing by Elaine Hardcastle)
    Sep 26 02:17 am |Rating: 0 0 |Link to Comment |View article
  • Is Eni Becoming Gazprom's European Twin?
    Well, Italy has had a poor energy policy in the past 30 years and is largely dependant on foreign oil and gas supplies. Both Eni and Gazprom are partly state owned enterprises, so it's not just money here, but politics as well. Although Italy has been a strong ally of the US for the past 50 years, things are going to change in the future; new superpowers , the BRICs, are beginning to eat into US's supremacy; also the recent financial crisis has made a big dent in the US economy and Bush will soon be gone, while Putin is still there and Berlusconi knows this. Also peak oil is a menace and gas, at least until renewable energies become widely adopted (but my guess is that it will take decades to completely replace hydrocarbons), is the only ready to use alternative to generate power. Nuclear power plants take years to build and Italy won't have a working plant for the next 10 years at least.
    So it's not just a question of money; of course Eni will get its share, i can't quantify how much, too many variables, but the point is that our country's economy has been lagging these past years, and high energy prices an oil dependancy are big obstacles. So Italy is trying to mend all the mistakes it made in the past decades and it is not a coincidence that now Eni it is trying to get hold of oil and gas reserves in risky places like Angola, Venezuela and Libya. Russian gas is too important for Italy and the russians know this so, in exchange for their supplies, they're exploiting this situation buying strategic assets to sell their gas in Europe wearing Eni's mask.
    Sep 25 10:58 am |Rating: 0 0 |Link to Comment |View article

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