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Gazprom strengthens on Lybian market

Gazprom entered Libya's Elephant oilfield under an asset swap with Eni

Under the deal, Gazprom is to take half of Eni's stake in the Elephant oilfield (or a total of 33%) in exchange for Eni taking part in Russia's Arctic Gas.

The announcement came after a meeting Monday in Moscow between Gazprom CEO Alexei Miller and his counterpart at Eni, Paolo Scaroni.

The agreement is part of a memorandum signed by the Italian firm when it bought into Gazprom to help the Russian company expand its business overseas.

Author: Ksenia Kochneva