Eni accelerates on rumoured sale of assets in Côte d'Ivoire for $1bn
Eni is reportedly working with various advisors, including Standard Chartered, on the potential sale that could involve up to 30% of the company
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(Il Sole 24 Ore Radiocor) - Eni among the best of Piazza Affari after the news reported by Bloomberg, according to which the Italian company is planning to sell a share of its upstream activities in Ivory Coast in a transaction that could be worth around €1 billion. According to the press, therefore, Eni is working with various advisors, including Standard Chartered Plc, on the potential sale, which could involve up to 30% of the company, thus attracting the interest of industry players in Asia. Negotiations would still be at an early stage and the Italian company would still be assessing the actual size of the stake that could be sold.
A potential stake sale could be part of Eni's broader four-year strategy, which aims to raise around EUR 8 billion from asset disposals. CEO Claudio Descalzi is in fact pursuing the so-calledsatellite model, i.e. the separation of the units and collaboration with outside investors, with the aim of listing them on the stock exchange.
The company has already implemented this strategy with the renewable energy unit Plenitude and is planning the same for the biorefining and mobility division Enilive. Eni's operations in Côte d'Ivoire also include Baleine, an offshore oil and gas field that represents the largest hydrocarbon discovery ever made in the African country. Eni started production at Baleine in August, less than two years after the discovery of the field, which elevated Côte d'Ivoire to a regional energy hub.
