MILAN, Italy, Nov. 21 (UPI) -- Italian energy company Eni said it would continue to have a strong relationship with Russia after the sale of its stake in gas fields in the Russian arctic.
Eni said it signed a deal to sell its 60 percent stake in Arctic Russia. Arctic Russia owns 49 percent of Severenergia, an entity with four exploration and production licenses in the far north.
"Eni will continue to have a significant presence in, and strong relations with, Russia both in strategic and commercial terms," the company said in a statement Wednesday.
Ian Thom, a Russian analyst at energy consultant group Wood Mackenzie, said from Moscow this week arctic reserves in Russia were among those in which international investors should focus.
Yamal Development, a joint venture between Russian energy companies Novatek and Gazprom Neft, takes on Eni's share for $2.94 billion.
Eni said it's the largest buyer of natural gas from Russian energy company Gazprom and one of the largest oil buyers from oil company Rosneft. The Italian company is a partner in the South Stream natural gas pipeline, planned by Gazprom for Europe, and is involved with Rosneft's efforts to explore the Black and Barents seas.