Enel Finalizes Sale of SeverEnergia Stake to Rosneft

Italy’s Enel has completed the sale of its 19.6% stake in Russia’s SeverEnergia, announcing it handed over its 40% stake in Arctic Russia to Rosneft.

The sale of the interest in Arctic Russia, which owns 49% of the share capital of SeverEnergia, came despite resistance from other shareholders. Gennady Timchenko, co-owner of Novatek, was interested in Enel’s shares too.

SeverEnergia is owned by Arctic Russia (49%) and a joint venture of Novatek and Gazprom Neft called Yamal Development, which holds 51% of the company.

The parties announced the transaction on September 24. The agreement was signed by Fulvio Conti, CEO and General Manager of Enel, and Igor Sechin, President and Chairman of the Management Board of Rosneft.

According to a note released on Wednesday, the Italian company received 1.8 billion, which will enable the Enel Group to reduce its consolidated net financial debt.