Germany's energy company E.ON AG (EOA.XE) hopes a deal with Russia's state gas firm OAO Gazprom (GAZP.RS) over a swap of assets will be closed soon, the Vedomosti daily reported Wednesday citing the company's Chief Executive Bernhard Reutersberg.
"The talks can't continue forever," Reutersberg said, adding that he hopes the two companies can reach an agreement within a year.
For four years, the two companies have been discussing a deal under which Gazprom would sell a 25%-minus-one-share stake in its Yuzhno Russkoye gas field to E.ON's Ruhrgas unit in return for stakes in power plants in Central and Western Europe.
However, in the light of rising crude oil prices the talks have been slowed down, Reutersberg said. He didn't say what would happen if a deal isn't reached within a year.
Yuzhno Russkoye, one of the world's largest gas fields, was launched last year and is expected to supply natural gas to the Nord Stream gas pipeline, which when finished will run from Russia to Germany.