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Eni chairman says group not considering spin-off of Saipem
March 8, 2013 / 9:57 AM / 5 years ago

Eni chairman says group not considering spin-off of Saipem

CERNOBBIO, Italy (Reuters) - Italy’s state controlled oil company Eni (ENI.MI) is not considering any plan to spin off its oil services unit Saipem (SPMI.MI), said Eni’s chairman on Friday.

The logo of oil company Eni-Saipem is pictured at its headquarters in Rome February 8, 2013. REUTERS/Alessandro Bianchi

U.S. activist investor Knight Vinke has sent a letter to Eni asking for an immediate separation of its oilfield services unit Saipem, several newspapers reported in February.

“No, not in any particular way,” said Eni Chairman Giuseppe Recchi on the sidelines of the Ambrosetti workshop when asked if Eni was considering Knight Vinke’s request.

Recchi declined to comment on separate reports that Eni is about to sell a 20 percent stake in its Mozambique gas project to China National Petroleum Corp (CNPC).

Eni, the operator of the field with a 70 percent stake, has said it is looking to bring in partners to help fund the estimated $50 billion it will take to bring the African country’s offshore Area 4 field to production.

Reporting by Luca Trogni, writing by Jennifer Clark

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