15:05 GMT +321 February 2017
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    Russia's Gazprom acquires 33% share of Italy's Elephant oil project in Libya

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    Russian gas export monopoly Gazprom has acquired 33% of Italian gas company Eni's shares in Libya's Elephant oil and gas production field project worth $178 million, Gazprom head Alexei Miller said on Wednesday.

    Russian gas export monopoly Gazprom has acquired 33% of Italian gas company Eni's shares in Libya's Elephant oil and gas production field project worth $178 million, Gazprom head Alexei Miller said on Wednesday.

    Miller said the agreement signed on Wednesday in Rome would give the gas giant's subsidiary Gazprom Neft half of Eni's stake in the project. The Libyan national oil company NOC is also included in the project.

    Miller said Italy is "a strategic partner" that Russia has been in cooperation with for decades. Gazprom has delivered gas to the Italian market for more than 40 years.

    Miller explained that projects are created using a stock swap base. Eni has entered into gas extraction projects in Russia and Russia has entered into projects of oil extraction in third countries and receives Eni's share in those projects.

    ROME, February 16 (RIA Novosti)

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