Second sale for Eni in Egypt. The Italian oil group announced on Monday morning that it had agreed to sell to Rosneft a 30% stake in the Shorouk concession, offshore Egypt, where the super-giant Zohr gas field is located. Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent sale of a first 10% to BP, which is nearing completion. The stock is up sharply (+3,8%) at the end of the morning in Piazza Affari.
The agreed conditions provide for a consideration of 1,125 billion dollars and the pro-rata repayment by Rosneft of the investments already made, currently equal to approximately 450 million dollars. In addition, Rosneft will have an option to purchase an additional 5% stake under the same conditions.
Eni holds Investors Day in New York on Tuesday and arrives at the appointment with analysts with the update of the business plan and the successes of the disposals.
