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Monday, September 15, 2008

Italy's Enel to invest $3.1 bln in Russian energy by 2012

Italian electricity company EnelROME, September 13 (RIA Novosti) - Italian electricity company Enel is set to invest 2.2 billion euros ($3.1 billion) in various Russian energy projects by 2012, Italy's news agency Apcom reported on Saturday. "I am sure that the central government of Russia as well as local authorities will support us," the agency quoted Enel CEO Fulvio Conti, as saying. Enel, Europe's third largest listed utility by market capitalization has become the first foreign company to acquire generating assets in Russia in the recent process of power sector reform. In April 2007 Enel jointly with Italian oil and gas giant Eni invested $852 million in setting up a joint venture, SeverEnergia (formerly Enineftegaz), 60% owned by Eni and 40% by Enel, to purchase a group of promising gas fields in northwest Siberia, in particular, Arcticgaz, Urengoil and Neftegaztechnologia.

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