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2014-08-01 18:15:00

ENI SELLS & CUTS

ENI SELLS & CUTS

Eni SpA said it will accelerate asset sales, cut costs and slash its refining capacity in half as the Italian oil and gas company seeks to make up for project delays as well as disruptions in some African countries.

Eni—Italy's largest company and one of the biggest, publicly traded oil companies in the West—will sell €11 billion ($14.74 billion) in assets by the end of 2017, a €2 billion increase from a previous business plan presented in February. Saipem,  the company's troubled services unit, isn't a core part of the business and could be sold, Eni said.

The business plan comes the same day Eni reported a…

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Tags: ENI, OIL, GAS, SAIPEM, GAZPROM, STATOIL, RUSSIA, U.S.
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