Milan has hosted today a meeting between Alexey Miller, Chairman of Gazprom’s Management Committee and Paolo Scaroni, Chief Executive Officer of ENI.

The parties held constructive dialogue and identified preliminary terms & conditions for a future agreement.

The participants expressed a common opinion that further development of long-term partnership ties between Gazprom and ENI had vast potential within a variety of joint projects.

The parties agreed to continue the talks at a next month’s meeting.

Reference:

The natural gas market of Italy is the third-largest in Europe after the Great Britain and Germany. The share of gas in the Italian energy balance exceeds 30 per cent. Last year Italy imported approximately 86% of its natural gas requirements, with the bulk coming from Algeria and Russia.

Italy is the second-largest exporter of Russian gas in Europe. The Gazprom Group supplies gas to Italy under five long-term contracts. In 2005 deliveries were at 21.85 bcm.

In February 1998 Gazprom and ENI sealed an Agreement on strategic cooperation. Under the Agreement the parties are involved in the Blue Stream project (Blue Stream is an offshore gas pipeline used for direct deliveries of Russian gas to Turkey under the Black Sea). To finance, construct and operate the pipeline Gazprom and ENI created the Russian-Italian Blue Stream Pipeline Company joint venture. Brought online in February 2003, Blue Stream had so far carried to Turkey a total 7.8 bcm of Russian gas.