Unipetrol said Thursday it welcomed Italian oil and gas group Eni's interest in buying out ConocoPhillips, one of four stakeholders in the CRaf joint venture and ready to cooperate with Eni towards the further development of Ceska rafinerska. Eni announced after the markets closed Thursday it has agreed to buy a 16.11% stake in CRaf from ConocoPhillips for an undisclosed sum. Our view: This is the first comment on the news after one-week silence on the deal from both PKN Orlen and Unipetrol. Though the price was still not disclosed we believe that rumored amount could be close to truth. The price Eni is allegedly offering implies a value for Unipetrol's 51% stake in CRaf of USD 2.1 bln, which taking into consideration the current market cap of the company of USD 2.3bn means that market significantly undervalues other assets of Unipetrol. We believe that the trading impact continues to be positive.