Enel SpA (ENEL.MI), Italy 's biggest utility by market value, Friday said it signed a letter of intent to sell to OAO Gazprom (GAZP.RS) a Belgium power plant as part of its 6 billion euro ($7.92 billion) asset disposal program to slash debt.

In a statement, Enel said the letter of intent with the Russian energy company agrees to sell the 420-megawatts natural gas-fired Marcinelle plant for EUR227 million in cash and debt free basis. It added a final agreement is due by the end of September or else the agreement ceases to exist.

Thursday, Enel Chief Executive Fulvio Conti told The Wall Street Journal the deal would be worth at least EUR200 million.

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