Eon, Germany's largest power group, has made a clear commitment to expand significantly in Russia but will seek to minimise the risks by using its €3bn ($3.7bn) worth of shares in Gazprom
Published:
12 July 2004 y., Monday
Eon, Germany's largest power group, has made a clear commitment to expand significantly in Russia but will seek to minimise the risks by using its €3bn ($3.7bn) worth of shares in Gazprom, a Russian energy group, as "acquisition currency".
The move highlights the shift in strategy by Eon, which has put its US interests on hold to concentrate on expansion eastwards.
Eon was one of the first German companies to list on the New York Stock Exchange but has blamed uncertainties about the future regulatory environment in the US for its hesitancy to increase its presence there.
Wulf Bernotat, Eon's chief executive, described a memorandum of understanding signed last week in Moscow on a series of planned joint ventures with Gazprom as a "major milestone" for the German group. "We are pretty confident that Russia provides a stable base for future investment, otherwise we would not do it."
Binding agreements with Gazprom might not be reached until the end of 2005, Mr Bernotat said.
Šaltinis:
news.ft.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission today concluded on the existence of excessive deficits in Cyprus, Denmark and Finland and recommended deadlines for their correction to the Council.
more »
Over 2000 former construction workers in Spain and nearly 600 ex-employees of Irish glass company Waterford Crystal and its suppliers will receive a total of €11 million in aid from the EU Globalisation Adjustment Fund to help with training, business start-ups and job guidance under plans agreed by MEPs and the Council of Ministers.
more »
MEPs on Tuesday decided six top priorities and a number of additional key issues for the upcoming negotiations on the 2011 budget.
more »
The EU-China Science and Technology Week starts today at the heart of World Expo Shanghai.
more »
European Climate Action Commissioner Connie Hedegaard and European Investment Bank President Philippe Maystadt agreed on Monday to explore a joint climate finance initiative for developing countries as part of the European Union commitment made at the UN climate conference in Copenhagen last December.
more »
Sustainability, competitiveness and security of energy supply: the three pillars to the foundation of a new EU energy community.
more »
EU Trade Commissioner Karel De Gucht and Palestinian Minister of National Economy Hasan Abu-Libdeh today discussed measures to enhance EU-Palestinian bilateral trade relations and to facilitate trade of Palestinian products to EU markets.
more »
Some of the most innovative and exciting transport research projects funded by the EU are being showcased at the Transport Research Arena (TRA) in Brussels this week.
more »
Nowadays we rely heavily on satellite positioning and navigation, but the only available technology is American.
more »
The European Commission will reveal how it aims to revamp its transport networks policy in response to the challenges of the 21st century at a conference dedicated to the Trans-European Transport Network (TEN-T) in Zaragoza on 8 and 9 June.
more »