Eni Meets With Sonatrach, Algerian Prime Minister

While agreeing on the sale price of the 12.5% stake in Saipem with Fondo Strategico Italiano, Eni continues its negotiations in North Africa. Its CEO Claudio Descalzi met with Algerian officials on Tuesday.

‘During the meeting, Eni’s CEO illustrated to the Prime Minister the important developments of the company in the Country’ reads the note, adding that Descalzi discussed its strategy to strengthen ties with Algeria and state company Sonatrach. 

Eni entered the Algerian market in 1981. It now participates in 32 mining permits, with a daily production of 100,000 barrels of oil equivalent. It is the second producer after Sonatrach. 

Also on Tuesday, Eni said that it will receive €463,238,68 from Fondo Strategico Italiano. On Monday, the Milan-headquartered company was downgraded by Morgan Stanley to an “underweight” rating. The company has dropped more than 4.5% during the last 3-month period.