ENI - ROSNEFT DEAL
FT - Eni has agreed a $1.125bn deal to sell a 30 per cent stake in its giant Egyptian gas field Zohr to Rosneft, as the Italian company continues efforts to monetise the recently-discovered field.
Last month Eni sold a 10 per cent stake in the field to BP, after new chief executive Claudio Descalzi made it one of his top priorities.
Eni said Rosneft, which is currently going through a privatisation programme, has an option to buy a further 5 per cent stake on the same terms at a later date. The deal also provides for the reimbursement of $450m in past expenditures.
Mr Descalzi has been working to monetise Eni's recent discoveries early, before production begins. Production at the Zohr field, the largest natural gas field ever found in the Mediterranean, is expected to begin by the end of 2017.
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BP - The Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement is winding down. BP now expects to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter 2017 results for the remaining Business Economic Loss (BEL) and other claims associated with the CSSP. The cash impact is expected to be spread over a multi-year period.
REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, up 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.53 a barrel, up 23 cents.
WBG - The World Bank forecasts global economic growth to edge up to 3.1 percent in 2018 after a much stronger-than-expected 2017, as the recovery in investment, manufacturing, and trade continues, and as commodity-exporting developing economies benefit from firming commodity prices.
ROSATOM - Following 2017, a share of electricity production by Russian nuclear power plants has increased up to 18.9%.