E.ON, Gazprom Swap Stakes Eventually

E.ON AG has resumed negotiations with Russian gas monopoly Gazprom over final details of a swap agreement, the Wall Street Journal quoted both companies as saying.

The German utility is discussing final details of a swap agreement to give it a stake of 25 pct minus one share in the massive Yuzhno-Russkoye gas field in Western Siberia, E.ON CEO Wulf Bernotat was quoted as saying by the newspaper.

'We hope that we can reach an understanding with our partners at the German concern before the start of production at Yuzhno-Russkoye, which is planned for the beginning of autumn,' Gazprom said in a written reply to questions.

E.On and Gazprom struck a basic agreement a year ago on the asset swap, but Gazprom delayed talks partly to focus on restructuring production-sharing agreements with international companies operating in Russia, Bernotat added.