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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Eni    ENI   IT0003132476

ENI (ENI)
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Eni : Shell reviews deals involving ex-executive accused of bribery

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12/06/2018 | 02:19pm CET
FILE PHOTO: The logo of a Shell petrol station is pictured in Ulm

LONDON (Reuters) - Royal Dutch Shell has concluded that a Nigerian oilfield sale where it suspects an executive took bribes was not linked to a separate court case in which he and Shell face corruption charges over a $1.1 billion offshore acquisition.

The Anglo-Dutch company filed a criminal complaint in March against Peter Robinson, a former vice president for sub-Saharan Africa, saying he took bribes in the $390 million sale of onshore Oil Mining Lease (OML) 42 to a Nigerian firm.

Robinson is also one of several former Shell employees involved in a trial in Milan, in which Shell and Italy's Eni are accused of corruption related to the $1.1 billion purchase of a giant Nigerian offshore field, Oil Prospecting Licence (OPL) 245.

Both the OML 42 and OPL 245 deals were signed in 2011.

Shell, the largest foreign investor in Nigeria, said in a statement to Reuters that it had completed an internal review of the OML 42 sale process and other deals Robinson was involved in, and it concluded his only violation was related to OML 42.

Shell, Eni and Robinson deny any wrongdoing in the OPL 245 case. Robinson also denies any wrongdoing in the OML 42 sale.

Regarding the OML 42 sale, Shell said: "We have found no evidence to suggest that this was anything other than an isolated breach by a former employee, operating deliberately outside of Shell systems or controls."

"We have also found no evidence of a connection between Robinson's actions on OML 42 and OPL 245, and we have reconfirmed this to the Dutch Public Prosecutor," Shell said.

Shell filed its complaint against Robinson to the Dutch prosecutor.

The Dutch prosecutor's officer confirmed on Thursday it had received further information from Shell but offered no additional comment, saying it was still evaluating all the information and determining next steps.

Robinson's lawyer Chiara Padovani said her client "denies any allegations of criminal misconduct in connection with OML 42." She also said Robinson "agrees with Shell's conclusion that the sale of OML 42 is unrelated to OPL 245." 

A source told Reuters in March that documents related to the OML 42 case had been uncovered after investigators looking into OPL 245 raided a house in Perth, Australia owned by Robinson.

Milan prosecutors allege bribes totaling about $1.1 billion were paid, including to middlemen, to win the OPL 245 deal for Shell and Eni.

Shell has said it expects the case in Italy to last many months.

(Reporting by Ron Bousso; Additional reporting by Bart Meijer in Amsterdam; Editing by Edmund Blair)

By Ron Bousso

Stocks mentioned in the article
ChangeLast1st jan.
ENI 0.18% 14.262 End-of-day quote.3.35%
ROYAL DUTCH SHELL -0.36% 25.935 Delayed Quote.-6.24%
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Financials (€)
Sales 2018 80 109 M
EBIT 2018 11 850 M
Net income 2018 4 951 M
Debt 2018 9 326 M
Yield 2018 5,83%
P/E ratio 2018 10,31
P/E ratio 2019 9,25
EV / Sales 2018 0,76x
EV / Sales 2019 0,70x
Capitalization 51 831 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 18,1 €
Spread / Average Target 27%
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Managers
NameTitle
Claudio Descalzi Chief Executive Officer, Director & GM
Emma Marcegaglia Chairman
Roberto Casula Chief Operations, Development & Technology Officer
Massimo Mondazzi Chief Financial Officer
Alessandro Lorenzi Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ENI3.35%58 828
ROYAL DUTCH SHELL-6.24%243 555
PETROCHINA COMPANY-5.56%194 759
TOTAL6.29%147 138
PETROLEO BRASILEIRO SA PETROBRAS44.47%84 986
EQUINOR13.10%77 140