Eni, Gazprom put Elephant project on hold due to Libyan violence

By Phaedra Friend Troy

Eni's CEO Paolo Scaroni met with Gazprom CEO Alexey Miller in Moscow to discuss issues of bilateral cooperation in the energy sector concerning the companies' Strategic Partnership Agreement.

Additionally, the parties discussed the prepartion of a gas purchase contract between Gazprom and SeverEnergia for Siberian production, as well the the future of the Elephant project in Libya.

Due to the violence in Libya, Eni and Gazprom has decided to put the Elephant project on hold -- temporarily.

Earlier this year, Gazprom and Eni signed an agreement that let the Russian firm acquire half of Eni's 66 percent interest in the developing Elephant oil field.

Eni obtained an interest in the Libyan oil field in 2007 as a part of Libya's National Oil Corp.'s effort to boost oil output from the North African country.

Furthermore, the executives discussed the progress of the South Stream pipeline project, regarding the entry of France's EDF and Germany's Wintershall into the project.

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