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Gazprom, Eni Chiefs Meet in Moscow, Discuss Pipeline (Update1)

By Lucian Kim

Sept. 17 (Bloomberg) -- OAO Gazprom Chief Executive Officer Alexei Miller met Paolo Scaroni, his counterpart from Eni SpA, to discuss a pipeline project linking Russia to southern Europe.

The two men talked about the companies' ``strategic partnership'' at Gazprom's headquarters in Moscow today, the Russian natural-gas export monopoly said in an e-mailed statement.

Eni and Gazprom announced plans to build the South Stream pipeline on June 23. The 900-kilometer (560-mile) link is competing with the European Union-backed Nabucco pipeline from Turkey that is planned to carry the same volume and take a similar route.

Eni may elect directors to the board of OAO Gazprom Neft, the group's oil arm, at a shareholder meeting Nov. 19, Interfax reported today, citing an unidentified official at the Russian gas company. Eni bought OAO Yukos Oil Co.'s 20 percent stake in Gazprom Neft after winning an April bankruptcy auction. Gazprom has a two-year option to buy the shares.

To contact the reporter on this story: Lucian Kim in Istanbul at lkim3@bloomberg.net

Last Updated: September 17, 2007 11:52 EDT

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