Eni SpA (E) is in advanced negotiations to sell two hydrocarbon companies in Italy as part of its efforts to cut debt and boost output internationally, the country's biggest oil and natural gas company by volume said in its annual report.
Eni SpA (E) is in advanced negotiations to sell two hydrocarbon
companies in
Italy
as
part of its efforts to cut debt and boost output internationally, the country's
biggest oil and natural gas company by volume said in its annual report.
"Negotiations are well under way for the sale of two companies, Societa
Padana Energia SpA and Societa Adriatica Idrocarburi SpA, holding the assets
located in northern and central
Italy
,"
Eni said in the 2009 report published on its Web site.
Eni has set up three hydrocarbon companies in
Italy
it
has placed on the block as part of the "optimization process." The
third company holds assets located in the south of the peninsula.
The Rome-based company didn't say with whom it was holding negotiations.
However, last month, Italian energy company Gas Plus SpA (GSP.MI) said it has
slowed down its investments in local exploration and production activities as
it hoped to boost its asset portfolio thanks to current negotiations with Eni.
Analysts indicate a price-tag of around EUR900 million for the assets Gas Plus
is negotiating to buy.
The projected cash flows and planned divestments will enable Eni to
"service the financing requirements associated with capital expenditures
and shareholders' remuneration," wrote the company in the 2009 annual
report.
In March, Eni said it plans to invest almost EUR53 billion through 2013,
including "strategic" projects in
Iraq
and
Venezuela
,
allowing it to aim for an annual average hydrocarbon growth of at least 2.5%
over the period.
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