Eni SpA (E) Chief Executive Paolo Scaroni defended his plan not to sell natural gas grid Snam Rete Gas SpA (SRG.MI), saying that his decision isn't dogmatic, according to an interview published Monday with daily la Repubblica.
Eni must first conclude discussions with the European Commission over an antitrust probe before looking at the Snam Rete Gas issue, says the CEO. The European Commission alleges that Eni has restricted rivals from gaining access to its extensive gas pipelines.
Eni's trading operations in its natural gas and power assets won't be sold, adds Scaroni, as it allows the company "privileged relations" with Russia, Algeria, Egypt and Libya.
Eni shareholder Knight Vinke Asset Management LLC has urged Eni to split its gas operations to boost its value.
Eni's CEO adds that the company's current debt level isn't a "problem."