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Italy names new heads of four state firms

The Italian government named four new directors, including three women, to state-controlled companies Monday and capped executive pay at such firms at 238,000 euros a year. The shakeup affects some of the country's largest state-controlled companies: oil firm Eni, energy company Enel, industrial giant Finmeccanica and the Italian postal service. Emma Marcegaglia, ex-chief executive of employers' federation Confindustria, takes over at Eni, while Patrizia Grieco, head of tech firm Olivetti, will be the new boss at Enel.

Kashagan oil field: Stuck between 'a widow maker' and 'a rotating bomb'

By Oleg Vukmanovic and Stephen Jewkes MILAN (Reuters) - Western oil majors struggling to restart production at one of the world's biggest offshore oilfields in Kazakhstan have found that whole kilometers of pipeline are defective, two people recently returned from the $50 billion project say. Replacing the damaged section altogether may be a better bet than trying to repair it.

Eni's Scaroni optimistic Libya gas secure in case Russia supplies hit, but amounts still small

MILAN - The CEO of Italian energy company Eni says he's optimistic that Italy has a secure gas supply from Libya in case imports from Russia are hurt by sanctions. But the amounts, analysts warn, are dwarfed by the size of Russian supplies.

CEO of Italy's Eni oil company presses interim Libyan leader on increasing production

MILAN - Eni CEO Paolo Scaroni has pressed Libya's interim prime minister, Abdullah al-Thinni, on increasing the Italian gas and oil company's production. An Eni statement Monday said that Scaroni emphasized that Eni's gas production is critical to generate electricity for domestic consumption and is of "growing importance" to Italy's gas supply security.

ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

Energy company Eni reports Q4 loss due to disruptions in Libya, Nigeria, weak Italian sales

MILAN - Italian oil and gas company Eni posted a fourth-quarter loss of 611 million euros ($832 million) due to ongoing difficulties in its Libya and Nigerian operations and weak sales in its main Italian market. The quarterly losses compared with a profit of 1.52 billion euros in the same period a year earlier. Eni said Thursday that its full-year profits dropped 40 per cent to 4.4 billion euros from 7.325 billion euros.

Uganda signs agreement with foreign oil companies, clearing the way for crude production

KAMPALA, Uganda - Uganda's government has signed an agreement with three foreign oil companies, a government official said Thursday, clearing the way for commercial production of crude reserves. A memorandum of understanding signed on Wednesday lays out the strategy for oil production amid warnings that the sector hasn't been transparent enough to avoid corruption and misuse of oil revenue.

Uganda signs agreement with foreign oil companies, clearing the way for crude production

KAMPALA, Uganda - Uganda's government has signed an agreement with three foreign oil companies, a government official said Thursday, clearing the way for commercial production of crude reserves. A memorandum of understanding signed on Wednesday lays out the strategy for oil production amid warnings that the sector hasn't been transparent enough to avoid corruption and misuse of oil revenue.

Italy approves postal service, air traffic controller privatisations

Italy's government on Friday approved partial sell-offs of the state-owned postal service and air traffic control company to raise cash to pay off some of its public debt. Prime Minister Enrico Letta said after a cabinet meeting the state would retain control of both entities after the privatisations due to take place this year. The government announced earlier this month the plan to sell off up to 40 percent of Poste Italiane. In November last year it had nominated eight other companies that would also be partly sold off, including oil company ENI.
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