Speaking during an international investment forum in Russia's southern resort of Sochi, Fulvio Conti said the investment will be used to modernize the gas sector and more effectively utilize its existing resources.
"We are working in an atmosphere of real belief in a sector open for private investment," he added.
Enel, which jointly manages Russia's North-West Thermal Power Plant, is the world's third largest energy provider.
Italy's leading power company entered the Russian energy market in 2004. It currently jointly manages the Russian North-West Thermal Power Plant. In April it acquired the gas assets of Russia's bankrupt oil company Yukos.
On June 6, at an auction in Moscow, the Italian firm acquired a 25.03% stake in the wholesale generating company OGK-5. In August it received authorization from Russia's Federal Anti-Monopoly Service (FAS) to acquire over 70% in OGK-5 [RTS: OGKE].
