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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Eni S.p.A.    ENI   IT0003132476

ENI S.P.A.

(ENI)
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Nigeria oilfield sale to Eni, Shell was legally 'perfect', says ex-oil minister lawyer

12/02/2020 | 02:57pm EST
FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw

MILAN (Reuters) - The sale of a Nigerian oilfield to Eni and Royal Dutch Shell was legally "perfect" and there was no proof of any corruption, a lawyer for former Nigerian oil minister Dan Etete said on Wednesday.

Antonio Secci told a Milan court that prosecutors in the case had been unable to show exactly what role Etete was meant to have had in the alleged corruption of Nigerian public officials - if he had corrupted politicians or had simply been an intermediary between the two majors and the Abuja government.

Eni and Shell acquired the offshore OLP 245 field in 2011 for about $1.3 billion from Malabu, a company owned by the former Nigerian oil minister.

Prosecutors allege that about $1.1 billion of that money was siphoned off to politicians and middlemen, half of it to Etete himself.

Shell says the 2011 agreement was a settlement of long-standing litigation, following the previous allocation of the block by the Nigerian government to Shell and Malabu.

Secci told the court the money had first been paid into an escrow account owned by the Nigerian government before then being transferred to Malabu "without any corruption (involving Nigerian public officials) emerging."

He called for his client to be acquitted.

Besides Eni and Shell, another 13 people, including current Eni Chief Executive Claudio Descalzi, are involved in the long-running graft case.

All the defendants have denied any wrongdoing, saying the purchase price was paid into an official Nigerian government account with all subsequent transfers being beyond their control.

Defence lawyers for the former Shell managers involved will be heard in the trial on Dec. 9.

(Reporting by Alfredo Faieta, writing by Stephen Jewkes; Editing by Marguerita Choy)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENI S.P.A. -1.93% 8.831 Delayed Quote.3.31%
LONDON BRENT OIL -2.91% 54.8 Delayed Quote.9.17%
ROYAL DUTCH SHELL PLC -1.67% 16.79 Real-time Quote.14.89%
WTI -3.09% 52.11 Delayed Quote.11.60%
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Financials
Sales 2020 46 199 M 55 785 M 55 785 M
Net income 2020 -6 488 M -7 835 M -7 835 M
Net Debt 2020 19 506 M 23 553 M 23 553 M
P/E ratio 2020 -4,25x
Yield 2020 4,61%
Capitalization 31 549 M 38 144 M 38 095 M
EV / Sales 2020 1,11x
EV / Sales 2021 0,91x
Nbr of Employees 32 053
Free-Float 66,7%
Chart ENI S.P.A.
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Technical analysis trends ENI S.P.A.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 9,50 €
Last Close Price 8,83 €
Spread / Highest target 58,5%
Spread / Average Target 7,62%
Spread / Lowest Target -33,8%
EPS Revisions
Managers and Directors
NameTitle
Claudio Descalzi Chief Executive Officer, Director & GM
Lucia Calvosa Chairman
Stefano Maione Chief Operations, Technology & Development Officer
Francesco Gattei Chief Financial Officer
Karina A. Litvack Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ENI S.P.A.3.31%38 144
SAUDI ARABIAN OIL COMPANY0.00%1 864 678
ROYAL DUTCH SHELL PLC14.89%154 108
TOTAL SE5.09%117 897
PETROCHINA COMPANY LIMITED7.50%113 974
GAZPROM6.26%72 647