Eni to sell 30% stake in Zohr gas field to Rosneft for $1.13 billionStaff Writer | December 12, 2016
Eni agreed to sell a 30% stake in Egyptian gas field Zohr to Rosneft for $1.13 billion, as the Italian energy company sells down its holding to raise cash and share the costs of developing the project.
Oil exploration Eni will receive $450 million to cover development costs
In November, Eni sold a 10% stake in the field to BP Plc for $525 million.
The company has said it will sell EUR7 billion ($7.4 billion) in assets by 2019, largely through divesting stakes in recently discovered fields, to help it weather the crash in oil prices and to finance future developments. ■