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.
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.
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.
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.
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.
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.
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.
LONDON/MILAN (Reuters) – Italy has warned oil traders they face potential legal action from Baghdad if they buy disputed exports of crude from Iraqi Kurdistan, in the latest setback for the autonomous region in its struggle with the central government over oil sales.
The Kurdish Regional Government (KRG) loaded its first pipeline shipment of Kurdish oil onto the United Leadership tanker at the Turkish port of Ceyhan two weeks ago, in a move it said was designed to show Baghdad it controls its own oil sales.
LONDON/MILAN, June 4 (Reuters) – France’s EDF aims
to sell as early as the end of June a 70 percent stake in
Italian unit Edison’s wind farms to local infrastructure fund
F2i, two sources with direct knowledge of the talks said on
Edison, Italy’s No. 2 utility, has a domestic windpower
portfolio of around 600 megawatts. It is looking to offload a
majority stake in its wind power business to fund bigger
expansion in the renewable segment but wants to keep management
control of the assets.
FRANKFURT/MILAN, June 3 (Reuters) – New car registrations
across Europe were generally lacklustre in May after a rebound
in the first few months of the year, although sales in Germany
and Spain were higher due to incentives and subsidies.
Europe’s car market has shown signs of recovery from a
six-year slump, but excess production capacity, heavy
discounting and incentives continue to distort the true level of