Yuzhno Russkoye has reserves of over 700 billion m³, making it one of the world's largest gas fields. Production is to start next year. Annual output will reach up to 25 billion m³. This gas quantity is equivalent to the annual consumption of over 10 million households.

Through the minority stake in Yuzhno Russkoye and construction of the North European Gas Pipeline, as agreed with Gazprom and BASF, E.ON and Gazprom are making an important contribution to strengthening security of supply for the European gas market. Russian gas will become even more important here in future because gas demand will rise further, but West European production will decrease. The gas volumes from the stake in Yuzhno Russkoye and from existing gas fields in the North Sea amount to roughly 15 % of the gas supplies of E.ON Ruhrgas.

In return for the stake in the field, Gazprom is receiving minority interests of 50 % minus one share in the Hungarian gas companies E.ON Földgaz Storage and E.ON Földgaz Trade, a stake of 25 % plus one share in the regional power and gas supplier E.ON Hungaria and a compensation still to be quantified. In addition, E.ON and Gazprom have agreed to work together on specific gas-fired power station projects in Europe.

E.ON and Gazprom intend to conclude a detailed agreement on the exchange of assets by the end of the year. The envisaged Gazprom shareholdings in Hungary are subject to approval by the EU Commission and Hungarian authorities.

E.ON CEO Wulf H. Bernotat: "Participation in Yuzhno Russkoye extends and deepens our long-standing partnership with Gazprom. Against the background of rising demand we are taking precautions to ensure that enough gas will be available in Europe in the future, too. E.ON and Gazprom are thus making an important contribution towards durably enhancing security of supply in Europe."