The European stock exchanges accelerate with Milan reaching +1%, driven upwards by Mps, insurance companies (Generali +2,2%) and oil companies which are flying after the general secretary of Opec, Sanusi Barkindo, has just announced a agreement today on oil production over the next six months while the meeting of the oil cartel is underway in Vienna. Wti, in fact, on the market immediately jumped to 46 dollars, Brent to 49. On the other hand, in addition to Saipem (+3,7%), they are tearing Tenaris (+2%) and Eni (+1,6%) .
Saipem also benefits from news of the approaching repayment for the cancellation of the Southstream project (in which the company had been given an important role by Gazprom). As known, Saipem filed an arbitration against Gazprom – in which the compensation claim was recently lowered from 760 million to 679 million – with the next appointment set at the Paris arbitration court on March 3, 2017. Gazprom however made a move that betrays several fears about the outcome of the dispute: following an impairment test, it has written down the contract relating to the South Stream by approximately 800 million, a figure similar to that requested by Saipem. According to Akros, the dispute will be resolved with a cash transaction or with the assignment to Saipem itself, as compensation, of the works relating to the construction of the Turkish Stream, in fact an alternative to the South Stream. 'In any case, the devaluation carried out by Gazprom is good news for Saipem', conclude the Akros experts.
