Eni boss does not rule out Saipem sale

Stake sale: Eni's Scaroni says Saipem divestment not on cards for now but is future possibility

BLOOMBERG

related stories

Bill Lehane ,

News Wires

 11 February 2013 16:42 GMT

Italy’s Eni could in future think about selling its oil services subsidiary Saipem chief Executive Paolo Scaroni has said.

Speaking at a conference in New York, Scaroni said the sale of Saipem was not a priority but "we could think about it in the future," Reuters reported.

Late last month, Saipem, Europe's biggest oil services group, issued a shock profit warning for 2012 and a grim 2013 outlook that wiped billions of euro off its market worth.

The warning followed news in December of an investigation into alleged corruption in Algeria revolving around a series of contracts won by Saipem, of which Eni is a 43% owner.

On Thursday it emerged Scaroni’s…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index