Exxon CEO back in Russia after Two-year Hiatus
Exxon Mobil Chief Executive Rex Tillerson is to attend a major investment forum in Russia this week, two industry sources said, ending a two year absence from the event that began when sanctions were imposed on Russia over the crisis in Ukraine. Tillerson is due to attend a session at the St. Petersburg International Economic Forum where Igor Sechin, head of Russian state oil firm Rosneft, is listed as keynote speaker. Both Rosneft and Sechin are subject to Western sanctions.
Enel Bid Values Metroweb at 806 Mln Euros
Italy's biggest utility Enel made a formal offer on Thursday to buy fibre-optic company Metroweb, valuing it at 806 million euros ($903 million), three sources close to the matter said. A high-speed Internet network is central to Prime Minister Matteo Renzi's reformist agenda. State-controlled Enel wants to run fibre optic cables along its power network and having a foothold in Metroweb would help its cause because of the broadband firm's know-how.
Saras Looking to Resume Iran Crude Trade
Italian refiner Saras hopes to resume taking shipments of Iranian crude oil in the coming months if not weeks, its managing director Dario Scaffardi said on Friday. Saras, which is part owned by Russian oil giant Rosneft , used to take a significant part of its crude feedstock from Iran before the U.S-led embargo on the country. Speaking on the sidelines of a shareholder meeting, Scaffardi said the group…
Italians Go to polls for Drilling Referendum
Italy went to the polls on Sunday for a referendum on off-shore oil and gas drilling rights, a complex issue that the government hopes voters will shun. For the ballot to be valid, more than 50 percent of the Italian electorate must vote and Prime Minister Matteo Renzi has urged people to stay away, saying that the referendum is unnecessary and might end up hurting the economy. It would be a blow to Renzi if substantial numbers did turn out…
Bank Clerk and Beachgoers May Save Italy's Oil Industry
It is people like 58-year-old bank clerk Silvio Doria who may save Italy's oil industry. For the referendum to succeed, more than 50 percent of Italians must cast a ballot. Prime Minister Matteo Renzi says a "yes" vote against drilling would hurt jobs at a time when the economy is struggling to grow and has called on people to shun the ballot. An opinion poll last month suggests three-quarters of Italians have scant knowledge of the referendum…
Saipem Signals Interest in Iran
In the presence of the President of the Islamic Republic of Iran, Hassan Rouhani, and the Italian Prime Minister, Matteo Renzi, Saipem entered into a Memorandum of Understanding (MoU) concerning potential cooperation on major projects in Iran. The MoU, signed with the Parsian Oil & Gas Development Company, envisages discussions aimed at Saipem’s potential cooperation in revamping and upgrading the Pars Shiraz and Tabriz refineries.
Italy: Privatizations Will Slow in New Year
Italian Prime Minister Matteo Renzi said on Tuesday he doesn't see scope for many more privatisations in the country, adding the government would not cut its stake in energy group Eni. "I don't imagine the government could reduce (its stake) in Eni," Renzi said during his end of the year press conference. Italy, which has the second-largest public debt in the euro zone, sold a stake in the national post office in October, pocketing more than 3 billion euros ($3.3 billion) to trim its debt.
Saipem Finalizing Bank Pool for Cash Call, Debt
Italy's Saipem is finalizing a banking consortium to put the troubled oil contractor on a solid financial footing and run a cash call of more than 3 billion euros ($3.4 billion) as it readies a turnaround plan, people close to the deal said. Two sources familiar with the matter said the consortium was still being cobbled together. At the moment there are seven core banks and a final decision is expected within two weeks, they said.
Eni's Winning Streak Leaves Gas Rivals Chafing
Eni Zohr gas find biggest ever in Mediterranean, success due to different geology approach - CEO. Eni's giant Zohr gas find in Egypt this month, a gamble taken under the noses of competitors, marked the Italian major's rapid rise to preeminence in the hunt for big new fields. Its risk-taking new leadership went ahead with what rivals described as an opportunistic drilling plan, leaving peers BP , BG, Royal Dutch Shell and Total regretting they missed a golden opportunity.
Technip in $1.4bn Deal to Upgrade Egypt Refineries
Technip Italy S.p.A.* and SACE announced the finalization of a joint agreement with Midor (Middle East Oil Refinery) for a project to modernize and expand the MIDOR refinery near Alexandria, Egypt in the frame of the long-standing cooperation between Italian and Egyptian Governments and companies, especially in the Oil and Gas sector. The investment has an estimated total value of 1.4 billion US dollars and aims at improving the production quality of the plant…
Renzi: Eni Share Sale Depends on Market
Italian Prime Minister Matteo Renzi said on Monday that sales of shares in state-controlled oil producer Eni would depend on market conditions, while he confirmed that next year the postal service will be partially privatised. "It's not a privatisation but a giveaway if state assets are sold when the market is not favourable," Renzi told reporters at an end-year press conference. Earlier this year Italy…
Eni Expands in Gas-rich Turkmenistan
Eni's Caspian blocks are rich in oil, gas; Eni is a key player in neighbor Kazakhstan's oil sector. Italian oil and gas major Eni has agreed a series of deals with Turkmenistan to expand its operations in the gas-rich country as it turns increasing attention eastwards to drive growth. Eni said it had extended an onshore production sharing agreement (PSA) with the Central Asian state. It is also exploring offshore opportunities, the Italian company said on Tuesday.
Italy's Local Utility Shake Up Seen Tempting China
Italy's plan to reduce energy prices by pushing local government out of utilities and promoting mergers is likely to create larger, more efficient companies that could also appeal to foreign buyers, such as the Chinese. Last week, the government of Matteo Renzi introduced a 2015 budget to stimulate the economy which contained proposals to offer incentives to public owners to sell their stakes in local service companies.
EU, Russian Stakeholders Meet on Ukraine Crisis
Russian President Vladimir Putin and Ukraine's President Petro Poroshenko met German Chancellor Angela Merkel and French President Francois Hollande for a second time on Friday to look for a way of resolving the crisis in Ukraine. The four leaders, along with aides, met in a hotel in central Milan at the margins of a summit between Asian and European leaders, according to a pooled media report. Earlier in the day…
Italy Invites Banks to Handle Enel Sale
The Italian government has written to investment banks and advisory firms inviting bids to work on the sale of a stake in state-controlled power group Enel in the next few months, a source close to the situation said on Tuesday. The government, which holds a 31 percent stake in Enel, has said it intends to sell a 5 percent stake in the group, Italy's largest electricity supplier, as well as a similar stake…
Renzi Stands by Eni CEO After Nigeria Investigation News
Italian Prime Minister Matteo Renzi stood by his appointment of Claudio Descalzi as head of state-controlled oil major Eni after news the CEO was being investigated in a Nigeria graft case. Descalzi, the former head of Eni's exploration and production unit named CEO by the treasury in May, is being investigated by Milan prosecutors over alleged corruption relating to a Nigerian oil deal worth more than $1 billion, Eni said on Thursday.
Eni Chief Under Investigation for Nigerian Oil Deal
Eni SpA chief Claudio Descalzi has been placed under investigation over alleged corruption relating to a big Nigerian oil deal, the company said on Thursday, just four months after he took the helm at the oil major, Italy's biggest listed company. Milan prosecutors opened a probe earlier this year and have now widened the net to include Descalzi, in a case relating to a $1.09 billion acquisition of Nigeria's OPL-245 offshore oil block in 2011.
Eni to Revive Saipem Sale Plans
The new management of Italy's Eni plans to press on with the sale of a controlling stake in oil services subsidiary Saipem so it can focus on the more lucrative business of finding oil and gas, sources said. Former ENI CEO Paolo Scaroni had inked in plans to dispose of Saipem but they were put on hold when Italian Prime Minister Matteo Renzi drafted in new management to run the state-controlled oil giant.
Italy to Help Businesses with Electricity Costs
Italy moved to help small- and medium-sized businesses with their electricity costs and launched a package of measures to improve investment under legislation introduced last week and detailed to reporters on Wednesday. Prime Minister Matteo Renzi's government passed a decree on Friday containing a series of minor changes aimed at improving competitiveness, while promised overhauls of the labour market, public administration, the judicial and political system are still in the works.
ENI Signs Deal to Expand Oil, Gas Exploration in Congo
Italian oil and gas group Eni said it signed a deal to explore for hydrocarbons in the Republic of Congo's coastal basin, expanding its foothold in sub-Saharan Africa's No. 4 oil producer. At a signing ceremony in capital Brazzaville, new Eni Chief Executive Claudio Descalzi signed the deal for onshore and deep-water exploration acreage with Energy Minister Andre Raphael Loemba, the company said in a statement on Sunday. Eni could not immediately be reached to provide any further details.
