ww5 closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni S.p.A.

The cost of ww5 stake acquisition is USD 1.125 bln. The Company also refunded its share in past project costs to Eni.

The Company becomes a participant of the project to develop the largest deepwater gas field offshore Egypt jointly with other world majors and strategic partners of ww5 – Eni (60% stake) and BP (10% stake).

The deal will enable the Company to  share significant experience in offshore field development, using existing competencies in offshore production. Participation in the development of a unique production asset will strengthen positions of ww5 in the strategic markets of Europe and Middle East.

Commenting on the deal, ww5 Chief Executive Officer Igor Sechin said, «Having closed the deal to acquire a stake in the concession agreement for the development of Zohr gas field, ww5 has entered the world class project. It opens up the opportunities for the Company to reinforce its positions in the promising and strategic region, broadens potential of our trading division and enhances our mutually beneficial cooperation with Egypt».

ww5 Information Division
October 9, 2017.

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.