Gazprom Given Choice of Enel Assets

Gazprom may choose to buy a minority stake in one of five Italian power assets run by Enel in exchange for joint development of its domestic gas fields.

Enel is willing to sell or swap assets in Italy for a maximum value of $200 million, chief executive Fulvio Conti said. Gazprom pledged to ensure that fuel from Enel's Russian gas fields arrives to the utility's newly acquired power generator, OGK-5, he said.

"We're hoping that a big part, if not 50 percent" of OGK-5's gas needs will be met with the fuel from Enel's Russian deposits acquired last year, Conti said.

Gazprom has yet to choose which asset it wants a stake in, Conti said. "We're in no hurry" to conclude a deal, he said.

Conti was in Moscow to announce the results of a tender offer for OGK-5 that increased his company's stake in the generator by 23 percent, to about 60 percent.