Eni SpA (E), Italy's biggest energy company by market value, expects unrest to remain in hydrocarbon-rich Libya following the civil war that ousted Col. Muammar Gadhafi in 2011, said Chief Executive Paolo Scaroni Friday, adding he's optimistic that eventually the situation will improve as the North African country embraces democracy.
Eni SpA (E),
Italy
's
biggest energy company by market value, expects unrest to remain in
hydrocarbon-rich
Libya
following the civil war that ousted Col. Muammar Gadhafi in 2011, said Chief
Executive Paolo Scaroni Friday, adding he's optimistic that eventually the
situation will improve as the North African country embraces democracy.
"The situation [in
Libya
]
remains instable with acts of violence between former Gadhafi supporters and
the new people [those that defeated his regime]," said Mr. Scaroni at
Eni's shareholders' meeting in
Rome
to
approve 2012 results. "I think it is almost a miracle that they held an
election in a country where basically every male adult holds two guns."
Eni is the international oil major with the biggest operations in
Libya
,
which is a former Italian colony. Prior to the Libyan civil war, around 14% of
Eni's hydrocarbon production come from the North African country. Eni's Libyan
output still hasn't returned to the pre-conflict level.
"I still expect unrest in
Libya
but I
remain optimistic on the democratic path taken," added Mr. Scaroni.
Separately, Eni's CEO also said he wasn't expecting problems to arise in
Egypt
and
Tunisia
with
elections won by Islamic-inspired parties following the Arab Spring in which
the former regimes were swept away.
The Egyptian and Tunisian governments "are very liberalist when it comes
to energy issues," said Mr. Scaroni.
Eni's CEO also said he considered the terrorist attack in January at the Is
Amenas plant in
Algeria
as an
"exception", as the current political system there is "very
strong."
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