Gazprom Eying Stations on Adriatic Coast – Enel Ceo

SREDNEURALSK. Sept 13 (Interfax) – Gazprom (RTS: GAZP) has not yet chosen a particular Enel station in which it would hold a share, but it takes interest in stations located on the Adriatic coast, Enel CEO and General Manager Fulvio Conti said at a press conference on Saturday.

The southern section of the South Stream gas pipeline that Gazprom is building is supposed to reach the Adriatic coast.

No final decision has yet been made as to when Gazprom could exercise an option in Northern Energy, Conti said. “The contract will expire in July 2009. I think there is still enough time ahead,” Conti said. “I hope the decision will be made soon,” he said.

After Gazprom buys a share in Northern Energy, Enel’s share in it will go down to 20%.

Gas production at the fields belonging to Northern Energy should start in 2010, Conti said. “Engineers are planning the necessary amount of investment now,” he said.

Despite foreign political strains existing now between Western European countries and Russia, economic relations between Russia and Europe will continue to develop, Conti said. “I believe Europe and Russia will continue their relations. We will remain here and will make investments,” he said.

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