Italy could produce up to 20% of its oil needs, double the current level, Eni SpA (E) Chief Executive Paolo Scaroni said Friday.
Italy
could
produce up to 20% of its oil needs, double the current level, Eni SpA (E) Chief
Executive Paolo Scaroni said Friday.
"
Italy
isn't
Saudi Arabia
, but
it's richer than
France
or
Germany
"
in terms of oil reserves, Mr. Scaroni said in an interview with Radio 24.
He criticized
Italy
's
environmental regulations as excessively severe, saying that adopting
regulations like those in force in
Norway
or
the
U.K.
would
allow
Italy
to
double its domestic oil production.
Eni and other companies are boosting their production in the southern region of
Basilicata
.
Mr. Scaroni also said that Eni's production in
Libya
was
at one-third of its potential level due to problems in the country.
In addition, he said that he would like to serve as CEO for a fourth term. Top
Eni executives answer to the Italian government, which has a controlling stake
in the oil company through direct and indirect holdings. Mr. Scaroni called
that an "anomaly."
Asked about the government's plan to sell a 3% stake in Eni, worth 2 billion
euros ($2.7 billion) as part of a privatization plan, Mr. Scaroni noted that
Eni had no say in the matter.
He said that Eni's share buyback plan would be executed over a 10-year
time-frame and driven by market conditions, and not driven by the government's
agenda.
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