Portugal: Italy’s ENI wants to have control of Portugal’s Galp Energia or divest

1 August 2008

San Donato Milanese, Italy, 1 Aug – The chairman of Italian oil company, ENI (Ente Nazionale Idrocarburi), Paolo Scaroni, said Wednesday that he wanted to review the company’s 33 percent stake in Portugal’s Galp Energia.

In a telephone conference with analysts, Scaroni said that ENI would either take control of 100 percent of Galp Energia or it would sell its stake, adding that “over the next three or four years the situation may see developments.”

Scaroni also said that the company was closely watching Galp Energia’s position in Brazil, where the Portuguese company has interests, in consortium with Petrobras, in recent oil strikes.

Galps main shareholders – ENI and Amorim Energia, a partnership of Portuguese businessman Américo Amorim and Angolan oil company Sonangol, which also has a 33 percents take and state banking group Caixa Geral de Depósitos – signed an agreement in 2006 that prevents them from selling their stake to third parties for a period of eight years without approval from the other signatories of the deal. (macauhub)