Eni has signed an agreement with Gas Plus to sell its 100% stake of Padana Energia for €175m to optimise its operating efficiencies in Italy.
Padana Energia holds exploration permits and concessions for the development and production of hydrocarbons in northern Italy.
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Although the transaction is valued at €175m, the sale price might be adjusted up by €25m in relation to the production of a development asset, Eni said.
Eni also said the purchase option must be exercised by Gas Plus by 30 September 2010 so that it can buy a 100% stake in Adriatica Idrocarburi, a company that holds mining licences in central Italy.
