Enel, LUKoil Partner For Operations In Russia, Europe, North Africa

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6/21/2012 8:30 AM ET

Italy-based utility Enel SpA (EN: Quote,ENLAY.PK) said it signed a Memorandum of Understanding with OJSC LUKoil (LUKOY.PK) on mutual cooperation in the gas industry.

Through today's memorandum, Enel and LUKoil intend to further strengthen their relationship by focusing on joint opportunities in the natural gas value chain

More specifically, the companies will investigate possible joint upstream gas projects in the Russian Federation and abroad, with particular focus in the Caspian Sea and North African basin. The parties also decided to coordinate efforts on the analysis of the regulatory framework of the Russian natural gas industry. Also, Enel and LUKoil will share their respective knowledge by undertaking marketing studies on LNG and pipeline gas supply and demand trends in Europe and the Russian Federation.

Finally the companies will review possible supply of Enel OGK-5 gas-fired power plants by LUKoil.

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