Stephen's Feed
Apr 14, 2014

Italy proposes Descalzi as new Eni CEO in shake-up at state firms

MILAN, April 14 (Reuters) – Italy proposed new managers for
state-backed companies such as oil major Eni and defence group
Finmeccanica on Monday in a shake-up that tests Prime Minister
Matteo Renzi’s pledge to break with old-style cronyism.

Renzi, 39, nicknamed “Demolition Man” because of his
campaign for change, chose a combination of maverick insiders
and successful private businesswomen in an attempt to prove
Italy was leaving behind a tradition of dishing out jobs
according to political horse-trading rather than merit.

Apr 14, 2014

Eni’s new head caught between Russia and the new frontiers

MILAN, April 14 (Reuters) – Claudio Descalzi faces a
delicate balancing act as he takes the helm of Italian oil major
Eni – guaranteeing Italy’s gas supply by nurturing
relations with Russia, while exploring new drilling frontiers in
Africa and Asia to boost profit.

The Italian government’s choice of Descalzi, a longtime oil
man with more than 30 years experience at the group, gives Eni a
leader who is likely to push forward his predecessor Paolo
Scaroni’s efforts to focus the company on its nuts and bolts
business of finding and mining new oil and gas fields.

Apr 11, 2014

Edison gives mandate to examine E.ON assets in Italy – sources

MILAN, April 11 (Reuters) – Italian energy group Edison has
mandated Lazard and Mediobanca to examine the
assets Germany’s E.ON is seeking to sell in Italy,
three financial sources close to the matter said.

“Things are still in a very preliminary phase and still
quite a way from any operational process, but there is a mandate
to look at it all,” one of the sources said on Friday.

Apr 8, 2014

Eni top spot in play as Italy prepares to shake up state firms

MILAN, April 8 (Reuters) – The government of Matteo Renzi is
looking to wipe the slate clean and seek new names at Italy’s
main state-controlled groups including oil major Eni
as top management comes up for renewal, government, political
and industry sources said.

New centre-left Prime Minister Renzi, nicknamed ‘Demolition
Man’ for his campaigning for generational change in Italy, came
to power in February promising to shake up the country’s cosy
elites and breathe fresh air into an ageing establishment.

Apr 2, 2014

Kashagan oil field – Stuck between ‘a widow maker’ and ‘a rotating bomb’

MILAN (Reuters) – Western oil majors struggling to restart production at one of the world’s biggest offshore oilfields in Kazakhstan have found that whole kilometres of pipeline are defective, two people recently returned from the $50 billion (30 billion pounds) project say.

Replacing the damaged section altogether may be a better bet than trying to repair it.

Apr 2, 2014

Kashagan oil field: Stuck between “a widow maker” and “a rotating bomb”

MILAN, April 2 (Reuters) – Western oil majors struggling to
restart production at one of the world’s biggest offshore
oilfields in Kazakhstan have found that whole kilometres of
pipeline are defective, two people recently returned from the
$50 billion project say.

Replacing the damaged section altogether may be a better bet
than trying to repair it.

Apr 1, 2014

Banks considering alternative debt deal for Italy’s Sorgenia

MILAN, April 1 (Reuters) – Creditor banks have still not
reached a deal with Italy’s Sorgenia over debt restructuring and
are mulling an alternative as the troubled energy group takes
steps to stay in business, Sorgenia’s main owner CIR
said on Tuesday.

In a statement CIR, controlled by Italy’s prominent De
Benedetti family, said the drying up of credit lines had sapped
its loss-making unit of funds, affecting the day-to-day running
of its business.

Mar 31, 2014

Court sentence threatens Eni CEO’s re-election hopes

ROME/MILAN (Reuters) – The chief executive of Italy’s biggest company Eni was sentenced to three years in prison on Monday over inadequate environmental standards at the Porto Tolle power plant at a time when Scaroni was CEO at Italian utility Enel.

Paolo Scaroni said he will appeal against the verdict of the court in the north-eastern town of Rovigo, which threatens his chances of being reappointed head of oil giant Eni even though the charges are unlikely to fall foul of new anti-corruption rules.

Mar 31, 2014

Eni CEO sentenced to prison, public office ban – court document

ROME/MILAN, March 31 (Reuters) – The chief executive of
Italy’s biggest listed company Eni has been sentenced
to prison, according to a court document seen by Reuters on
Monday, putting a question mark over his chances of being
reappointed head of the oil major.

A ruling by a court in the north-eastern town of Rovigo said
Eni CEO Paolo Scaroni had been sentenced to three years in
prison and had also been banned from holding public office for
five years, without giving details on the case.

Mar 31, 2014

Exclusive: Eni hires BAML to advise on $5 billion Mozambique gas deal – sources

LONDON/MILAN (Reuters) – Italy’s Eni (ENI.MI: Quote, Profile, Research, Stock Buzz) has hired Bank of America Merrill Lynch (BAML) (BAC.N: Quote, Profile, Research, Stock Buzz) to advise on the sale of a stake of about 15 percent in its Mozambique gas field which could raise up to $5 billion, several sources familiar with the matter said.

The oil and gas firm needs partners to share the huge investment required to develop the large Mozambique project. It sold 20 percent of its Mozambique offshore gas acreage to China’s CNPC last year in a deal worth around $4.2 billion.

    • 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."
    • Follow Stephen