SOURCE: Industrial Info Resources

March 12, 2008 05:00 ET

Italy's Enel Consolidates Power Stake in Russia, an Industrial Info News Alert

JOHANNESBURG, SOUTH AFRICA--(Marketwire - March 12, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Italy's energy and power major Enel (Milan) has been growing its presence in Russia and has now raised its stake in the Russian power company OAO OGK-5 to 59.8% from 37.2% in a $1.5 billion share purchase, paying a 7% premium over the previous day's closing price. In return for gas supplies to OGK-5, Enel is offering Russia's gas export monopoly Gazprom (PINKSHEETS:OGZPY) (Moscow) a stake in an Italian power plant.

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