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Jul 29, 2014

Saipem cuts 2014 profit forecast after project delays

MILAN, July 29 (Reuters) – Italian oil services group Saipem
cut its profit forecast on Tuesday to reflect contract
delays and postponements as it tries to complete the low margin
deals that left it nursing heavy wounds last year.

Saipem, 43 percent owned by oil company Eni, said
it expected net profit for the year to be between 280 million
euros and 330 million euros ($375-443 million), compared with a
previous range of 280 million and 380 million euros.

Jul 25, 2014

Eni to revive Saipem sale plans -sources

MILAN/LONDON, July 25 (Reuters) – 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.

Jul 24, 2014

China State Grid deal will not affect Terna expansion plans

MILAN, July 24 (Reuters) – Italy’s plans to sell a stake in
its energy grid holding company to China’s State Grid Corp will
not affect the strategy or international expansion of power grid
Terna, its CEO said on Thursday.

State Grid Corp of China is in advanced talks with Italy’s
investment agency Cassa Depositi e Prestiti (CDP) to buy a 35
percent stake in its network holding company CDP Reti in a deal
that could be worth some two billion euros.

Jul 22, 2014

Sorgenia restructuring deal with banks very close

MILAN, July 22 (Reuters) – Italy’s Sorgenia, controlled by
holding company CIR and Austria’s Verbund,
is close to reaching a deal that will restructure debt and hand
control of the energy group to creditor banks, a lender and
sources said on Tuesday.

Loss-making Sorgenia – 53 percent owned by CIR, which is in
turn controlled by Italy’s De Benedetti family – invested
heavily in gas-fired power plants that proved expensive to run
when the economic downturn hit demand and prices.

Jul 8, 2014

Eni grapples with ailing refining business as Fitch warns on rating

MILAN, July 8 (Reuters) – Italy’s Eni could be at
risk of a credit downgrade if it fails to turn round its
troubled refining business soon, Fitch Ratings said on Tuesday,
ahead of a meeting between the oil major and trade unions over
the threat of plant closures.

The warning came as Eni’s new CEO gears up for a strategy
presentation this month, which sources have said could announce
the paring back of some of its refining business to focus on
more profitable upstream oil and gas exploration.

Jul 7, 2014

Chinese bid for Italy grids raises eyebrows -sources

MILAN, July 7 (Reuters) – China’s state power grid is one of
two bidders for a large stake in Italy’s energy grids, but such
a link could create problems because the Chinese and Italians
both aim to buy assets around Europe, sources with knowledge of
the matter said.

As part of a privatisation drive to cut public debt, Italian
state lender Cassa Depositi e Prestiti (CDP) is trying to sell
up to 49 percent of CDP Reti – the vehicle that controls gas
grid Snam and soon power grid Terna.

Jun 23, 2014

Italy’s planned solar subsidy cuts risk scaring off investors

MILAN, June 23 (Reuters) – Italy’s plans to cut subsidies
for solar power producers risk alienating investors and
triggering costly legal battles, undermining Prime Minister
Matteo Renzi’s drive to attract foreign capital to bolster a
fledgling economic recovery.

Renzi’s centre-left government has pledged to cut power
bills by 10 percent to help struggling households and small
firms, and has tabled a set of measures that include spreading
incentives for solar power producers over a longer timeframe.

Jun 19, 2014

Enel draws interest for Slovenske Elektrarne stake -source

MILAN, June 19 (Reuters) – Italy’s Enel has
received expressions of interest for its controlling stake in
Slovakian generating company Slovenske Elektrarne, a
source told Reuters on Thursday.

Europe’s most indebted utility aims to sell 4.4 billion
euros ($6 billion) of assets to cut net debt to around 37
billion euros by year-end from 41.5 billion at the end of March.

Jun 18, 2014

Italy’s beaches: open for business but closed to competition

MILAN (Reuters) – Italy’s beaches are a family affair – and that’s a problem for the euro zone’s third-largest economy.

Most of the beaches along Italy’s 7,500 kilometers of sun-kissed coast have for decades been managed by small businesses operating concessions that are passed on from generation to generation.

Jun 12, 2014

Italy’s Eni grows Kazakh footprint with new offshore deal

BOROVOYE, Kazakhstan/MILAN, June 12 (Reuters) – Italy’s Eni
signed an agreement with Kazakhstan’s state-owned
KazMunaiGas (KMG) on Thursday to look for oil and gas in the
North Caspian Sea in a move that will grow the oil major’s
footprint in the resource-rich country.

Eni, which has been present in Kazakhstan since 1992, is a
member of the consortium developing the country’s Kashagan
oilfield, one of the world’s biggest oil finds of recent times.

    • About Stephen

      "Based in Milan, I cover the Italian energy sector for the Italian team. I have followed energy in Italy for the last 10 years, previously for Bridge News, AFX and Thomson."
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