Monday, December 29, 2014
Monday, December 15, 2014
Low oil prices have halted Eni’s plans to fund exploration activities and dividend payments with a major assets sale.
Italy’s Eni has already sold about $6.22 billion worth of assets, primarily from its refining operations.
The company still needs to raise $7.4 billion to fund an exploration program set to run through 2017.
Eni was looking to sell minority stakes in its Mozambique gas field along with a 43 percent stake in services player Saipem and interests in non-core assets.
Selling stakes in its Africa and Asia fields could free up cash and offset delays and spiking costs at the company’s offshore Norway and Caspian sea projects, Reuters said.
Weak oil prices have made it difficult for the company to find buyers willing to pay top dollar for the assets.
With global demand for LNG slowing potential buyers are also becoming more cautious about their investments.
Eni sold a 20 percent stake in its Mozambique gas field last year to China’s CNPC for about $4 billion and is now looking to unload a 10 to 15 percent stake.
The company has reportedly been in talks to sell the stake to the China Huadian Group for about a year.
The discussions have not yet yielded a sale agreement.
Eni said that for every $1 drop in the price of Brent it losses about $124 million.
Eni will crumble! #Ethicsgate #Eni - The fall of Babylon (Is 47)
Tuesday, December 02, 2014
This Transparency International report, Transparency in Corporate Reporting: Assessing the World’s Largest Companies, evaluates the transparency of corporate reporting by the world’s 124 largest publicly listed companies. The report assesses the disclosure practices of companies with respect to their anti-corruption programmes, company holdings and the disclosure of key financial information on a country-by-country basis. It follows on from a 2012 report which focused on the world’s 105 largest publicly traded companies. The report is part of a series of studies based on a similar methodology aimed at assessing the transparency practices of companies, the most recent being a 2013 report on leading emerging market companies.
Global companies have legal and ethical obligations to conduct their business honestly. This requires commitment, resources and the ongoing management of a range of risks – legal, political and reputational – including those associated with corruption. The implementation of a comprehensive range of anticorruption policies and management systems is fundamental to efforts to prevent and remediate corruption within organisations.
Eni is investigated for corruption in various countries including Italy! The former CEO, Paulo Scaroni, and current CEO, Claudio Descalzi, are investigated by "international corruption".
So, how Eni is the first in this ranking?