E.ON has investments in privatised Russian power stations and is a key partner in the Gazprom led Shtokman arctic gasfield sdevelopment and the Baltic underwater Nordsea pipeline linking Russia with Germany.

E.ON announced it sold a 2.7-percent stake in Gazprom to Russia's state-owned investment bank Vnesheconombank and the remaining 0.8 percent on the market.

E.ON. officials said the proceeds would help in efforts to generate about $19.6 billion through divestments by 2013 and the funds would be uised to draw down debt.

The company stressed that it would remain an "active investor" in the Russian energy sector. The sale wouldn't hurt exploration of the hydrocarbons in Russia or the Nord Stream natural gas pipeline for Europe, E.ON added.

Russia aims to diversify its transit options with the Nord Stream pipeline through the Baltic Sea to Germany. The first section of the pipeline is half completed and should deliver gas by next year. A division of E.ON, E.ON Ruhrgas, holds a 15.5-percent stake in the project consortium.

Klaus Shafer, the top executive at the division, said in a statement the sale of the Gazprom stake "will in no way alter the continued solid partnership between Gazprom and E.ON and E.ON Ruhrgas."

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