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Yukos assets to enhance Italy's energy security- Enel CEO

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The acquisition of gas assets of Russia's bankrupt oil company Yukos will give Italy's Enel and Eni access to Russia's upstream market, which will increase Italy's energy security, Enel CEO Fulvio Conti said Wednesday
ROME, April 4 (RIA Novosti) - The acquisition of gas assets of Russia's bankrupt oil company Yukos will give Italy's Enel and Eni access to Russia's upstream market, which will increase Italy's energy security, Enel CEO Fulvio Conti said Wednesday.

"Enel has obtained access to gas upstream in Russia, which enhances the security of energy supplies," he said.

It was reported earlier Wednesday that Eni won a 20%-stake in Gazprom Neft at a second auction of Yukos assets, offering 151.53 billion rubles ($5.83 billion). The starting price for the lot was 144.77 billion rubles ($5.57 billion), with the total worth of Yukos estimated at 709 billion rubles ($27.3 billion).

Once Russia's leading crude producer, Yukos was declared bankrupt in August.

"Eni gives Gazprom the right to purchase the 20% package of Gazprom Neft shares at any time within the next two years for $3.7 billion plus financing and operating costs," Eni said.

The statement added that Italy's Eni and Enel proposed that Gazprom buy 51% in Yukos assets bought at auction, also over two years.

Gazprom confirmed its intention to buy the assets. Gazprom's deputy CEO Alexander Medvedev said the gas holding should buy a 20% stake in Gazprom Neft and at least 51% of Yukos assets bought at action.

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