Gazprom says talks with E.ON over Yuzhno Russkoye field have stalled

Jun 11, 2007 02:00 AM

Gazprom deputy chief executive Alexander Medvedev told that follow-on talks with E.ON over the joint development of the Yuzhno Russkoye Siberian gas field have stalled.
"The market changes, the pricing outlook changes and naturally that has to be taken into account," Medvedev told.

The two companies last year signed an agreement according to which E.ON will acquire 25 % minus one share in the gas field for EUR 1.2 bn plus minority holdings in its Hungarian subsidiaries. Earlier press reports indicated that Gazprom now wants E.ON to pay more for the stake in order to reflect rising natural gas prices.
However, Medvedev declined to provide any specific details on the nature of the talks between the two energy giants.

Medvedev also said Gazprom intends to bid for the United Energy Systems (UES) stakes currently being privatised. However, he said Gazprom has no interest in acquiring parts of Germany's RAG.
Gazprom doesn't have "the instinct to buy everything it sees."

Source / AFX News Limited
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