E.ON dumps Gazprom shares

DUSSELDORF, Germany, Dec. 2 (UPI) -- The sale of a 3.5 percent stake in Gazprom "in no way" alters the relationship between Russian gas monopoly Gazprom and Germany's E.ON, an executive said.

German energy company E.ON announced it sold a 2.7-percent stake in Gazprom to Russia's state-owned investment bank Vnesheconombank and the remaining 0.8 percent on the market.

E.ON. officials said the proceeds would help in efforts to generate about $19.6 billion through divestments by 2013.

The company stressed that it would remain an "active investor" in the Russian energy sector. The sale wouldn't hurt exploration of the hydrocarbons in Russia or the Nord Stream natural gas pipeline for Europe, E.ON added.

Russia aims to diversify its transit options with the Nord Stream pipeline through the Baltic Sea to Germany. The first section of the pipeline is half completed and should deliver gas by next year. A division of E.ON, E.ON Ruhrgas, holds a 20-percent stake in the project consortium.

Klaus Shafer, the top executive at the division, said in a statement the sale of the Gazprom stake "will in no way alter the continued solid partnership between Gazprom and E.ON and E.ON Ruhrgas."