Stephen's Feed
Oct 2, 2015

Saipem finalising bank pool for cash call and debt – sources

MILAN, Oct 2 (Reuters) – Italy’s Saipem is
finalising 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

Sep 25, 2015

Eni’s winning gas streak leaves competition chafing

MILAN, Sept 25 (Reuters) – 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.

Sep 24, 2015

Monte dei Paschi closes costly derivative trade with Nomura

MILAN/TOKYO, Sept 23 (Reuters) – Monte dei Paschi
reached a settlement with Japan’s Nomura Holdings to
close a loss-making derivative trade, end years of litigation
and remove a big financial burden to boost its chances of
finding a buyer.

Shares in the Tuscan bank jumped more than 8 percent on
Thursday as analysts said the agreement would have a positive
impact on the lender’s capital ratios and risk profile.

Sep 21, 2015

EDF’s Italian, Polish assets look like a hard sell

MILAN/WARSAW/PARIS (Reuters) – Italian gas-fired and Polish coal-fired power plants don’t sit easily in EDF’s low-carbon generation strategy but selling them might be hard and raise less than what the cash-strapped French utility needs.

EDF already needs to borrow money every year just to pay its dividend. The takeover of struggling Areva’s nuclear arm, a project to build nuclear plants in Britain and the need to upgrade its ageing French nuclear fleet will cost state-controlled EDF tens of billions of euros in coming years.

Sep 15, 2015

Eni plans to hold the keys for east Mediterranean gas exports

MILAN, Sept 15 (Reuters) – Braving all the political risks
of the region, Italy’s Eni aims to pull together its east
Mediterranean gas empire headed by a giant Egypt find, into a
major hub to supply Europe.

State-controlled Eni, the biggest foreign oil and
gas major in Africa, wants to use its deep ties with Egypt and
Libya to help create the export hub for liquefied natural gas.

Aug 31, 2015

Eni’s credentials boosted by giant gas find in Egypt

MILAN (Reuters) – Eni’s “supergiant” gas find off the coast of Egypt bolsters its top-flight exploration credentials and gives the Italian energy group access to easy reserves that fit its strategy of seeking growth without sacrificing dividends.

Eni said on Sunday that its discovery ranked as the largest known gas field in the Mediterranean, covering an area of about 100 square kilometers (39 square miles) and containing a potential 30 trillion cubic feet (tcf) of gas.

Aug 30, 2015

Italy’s Eni makes mega gas discovery off Egyptian coast

ROME/MILAN, Aug 30 (Reuters) – Italian energy group Eni
said on Sunday it had discovered the largest known gas
field in the Mediterranean off the Egyptian coast, predicting
the find could help meet Egypt’s gas needs for decades to come.

The Italian major said in a statement the offshore “Zohr”
field could hold 30 trillion cubic feet of gas, covering an area
of about 100 square kilometres (60 square miles).

Aug 24, 2015

Enel picks EPH for exclusive talks on Slovakia sale

MILAN, Aug 24 (Reuters) – Italy’s biggest utility Enel
is in exclusive talks with EPH about selling a stake
in Slovakia’s Slovenske Elektrarne to the Czech-based company to
help fund a facelift.

State-controlled Enel, which owns 66 percent of Slovenske,
said on Monday it may sign a binding agreement with EPH
regarding Slovakia’s biggest power generator in coming weeks.

Jul 30, 2015

Eni production growth takes sting out of Saipem writedown

MILAN, July 30 (Reuters) – Italian oil and gas group Eni
raised its production targets for the year on Thursday,
boosting its shares after second-quarter net profit slumped due
to lower oil prices and a heavy loss at subsidiary Saipem

Oil and gas production is targeted to rise more than 7
percent this year, up from a previous 5 percent target, helped
by output in Venezuela, Norway, the United States, Angola and
Republic of Congo, and expectations of higher volumes in Libya.

Jul 28, 2015

Terna looks to grow power grid business outside Italy

MILAN (Reuters) – Power grid company Terna  is looking to develop new business outside Italy by working with oil major Eni and renewable energy group Enel Green Power on power line projects in places like Latin America and Africa.

Terna, one of Europe’s biggest power grid operators, raises most of its revenues from power transmission in Italy by developing the domestic grid and making it more efficient.

    • 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