Edison SpA (EDN.MI) may pick a partner for its large Egyptian natural gas Abu Qir field after the summer, and certainly by the end of the year, its Chief Executive said Sunday.
"There is a lot of interest for a stake (in Abu Qir) and we are making interesting discoveries, which become more interesting if you take into account the recent oil price increases," the Italian energy company's CEO Umberto Quadrino said on the sidelines of the Group of Eight leading nations meeting in Rome that is focusing on energy.
"We are not in a rush," but the stake will be sold possibly after the summer and "certainly" by the end of 2009, he added.
Last year, Edison won the tender for the Abu Qir field in a deal worth $3.1 billion, allowing it to reach its gas supply targets and reduce dependency on rivals.
Quadrino has said previously that Edison could sell up to 25% of the stake in Abu Qir. Among the interested parties mentioned was Electricite de France SA. EDF jointly controls Edison with A2A SpA (A2A.MI).
Sunday, Quadrino confirmed the company is sticking to its investment plans despite the global economic downturn.
Edison's CEO also said gas and electricity data for Italy show a decline for the months of April and May of 10% and 8%, respectively. The company would have to wait until after the summer to see if the energy demand drop has stabilized, he added.