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 mission held constructive discussions with Prime Minister Emmanuel Nadingar, Finance Minister Gata Ngoulou, Infrastructure Minister Adoum Younousmi, and other senior officials.
more »
The EBRD is helping to improve the quality of power supply and stimulate renewable sources of energy in the Caucasus with an €80 million sovereign loan to Georgia for the construction of a new high voltage transmission line - the Black Sea High Voltage line, which will interconnect Georgia and Turkey.
more »
The EBRD is helping to improve the infrastructure of the Georgian capital, Tbilisi, with a €100 million loan for the construction of a new railway route bypassing the city.
more »
One of the men considered to be the founding fathers of the euro currency met MEPs on the Foreign Affairs Committee Tuesday (16 March) to talk about transatlantic relations.
more »
European Trade Commissioner Karel De Gucht today opened a conference focused on the European Union's trade policy towards developing countries.
more »
At the beginning of the 2000s, state ownership in financial intermediation in Mexico accounted for about 20 percent of the total credit of the banking system, provided through development financial institutions and funds.
more »
Halving the number of business failures by offering individual support, doubling the number of young people who want to start their own business or raising by 500% the number of enterprising new cooperatives are just some of the projects nominated for the European Enterprise Awards 2010.
more »
The European Commission has published the fourth call for proposals for the creation and upgrade of freight transport services under the second Marco Polo programme.
more »
The European Central Bank (ECB) today announced a programme of technical cooperation with the Central Bank of Bosnia and Herzegovina, in collaboration with a number of euro area national central banks (NCBs).
more »
The EU disbursed today €1 billion to Romania, the second instalment of a €5 billion loan, which was agreed in May 2009 as part of a multilateral financial assistance package.
more »