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. Last Updated: 07/27/2016

Enel Committed to Investment Plans

YEKATERINBURG -- Italy's biggest utility, Enel, remains committed to plans to invest 2.1 billion euros ($2.8 billion) in Russia by 2013, chairman Piero Gnudi said Wednesday.

"Our business plan foresees investments in upstream gas and in the generation and sale of power -- investments that Enel confirms ... despite the crisis that Russia is facing, along with other countries," he said during a visit to a power generation plant in Yekaterinburg that Enel acquired in 2008.

In March, Enel announced a cut of 12 billion euros in its overall capital expenditure program for the period from 2009 to 2013. But Russia, where it controls power producer OGK-5, remains one of its key markets.

On Tuesday, Russia and Italy cemented closer political and energy ties as Gazprom spent more than $4 billion to buy back oil assets from oil major Eni at well above market price.