Eni Purchases ConocoPhillips' Shares in Czech Refining Company

Eni has signed an agreement with ConocoPhillips Central and Eastern Europe Holdings B.V. for the purchase of a further shareholding, corresponding to 16.11%, of the share capital of the Czech Refining Company (CRC), which is a leading refining company in the Czech Republic and one of the most important in Central Europe.

CRC is a refining company established in 1996 as a joint venture among Unipetrol (51%), Shell (16.33%), ConocoPhillips (16.33%) and Eni (16.33%). Following the deal, Eni reaches a 32.4% interest in CRC.

The production facilities of the company consist of two oil refineries located respectively in Kralupy and Litvinov, with a total processing capacity of about 8 mln tons per year (165,000 bpd).

Following the transaction, Eni will almost take its refining capacity in the country to 2.6 mln tons per year (54,000 bpd), thereby enhancing its integrated marketing and industrial activities.

This acquisition represents a further step in Eni's strategy of improving the competitive positioning of its downstream activities in Europe.

Dresdner Kleinwort acted as financial advisor for Eni in the deal.

The transaction remains subject to the approval of the relevant authorities.

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Added to site on 30/05/07

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