Gazprom (RTS: GAZP) still plans to exercise its option to buy 20% of Gazprom Neft (RTS: SIBN) from Italy's Eni, Andrei Kruglov, the Russian gas giant's deputy chief executive, told a press conference according to Interfax.
"Gazprom plans to consolidate the remaining 20% of Gazprom Neft.
The deadline for this, as per the agreement, is April 2009. The option will be exercised by then," Kruglov said.
He said the shareholding was worth around $4 billion.
A consortium of Italy's Eni and Enel acquired a 20% stake in Gazprom Neft along with other Yukos (RTS: YUKO) assets in April 2007. Gazprom holds a three-year option for the buyback of the 20% stake in Gazprom Neft as well as a 51% stake in other assets acquired by the Italian company, in particular Arcticgas and Urengoil.