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
European cities may still be feeling the pinch of the global recession.
more »
The EBRD Board of Directors has approved a $50 million convertible loan to Petrolinvest to finance the completion of exploration works at the company’s main oilfields.
more »
The European Commission welcomes the adoption today at the United Nations in Geneva of the first international regulation on safety of both fully electric and hybrid cars.
more »
Bloomberg has today announced that Lithuania had the outlook on its credit rating raised by Fitch Ratings after the Government implemented an austerity program to curb the budget deficit.
more »
In January 2010, compared with December 2009, the highest increase in retail trade in the EU-27 Member States was observed in Lithuania.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania will get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and job guidance after Parliament gave the green light on Tuesday.
more »
Some 80% of Europeans continue to travel for their holidays according to a new Eurobarometer survey on ‘The attitudes of Europeans towards tourism 2010’.
more »
The EU's internal market will be under scrutiny Tuesday when a series of reports will be debated by MEPs in Strasbourg.
more »
EU Employment and Social Affairs Ministers today agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business.
more »
Over €7.6 million in financial aid for training and self-employment could be available to former workers in German and Lithuanian if MEPs back the measures Tuesday.
more »