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Monday, 19 February 2018

Eni looks to swap 10% of Zohr for stakes in other projects

Eni looks to swap 10% of Zohr for stakes in other projects: Eni is looking into possibly selling another 10% stake in Zohr, Eni’s CFO Massimo Mondazzi told Reuters Arabic on Friday. He added that the company was also exploring using this upcoming sale to swap stakes in the field with other projects, he added. Eni holds a 60% stake in Zohr, with Rosneft controlling 30%, and BP 10%.

As for Turkey’s navy blocking Eni’s rigs off the coast with Cyprus, Mondazzi said that the situation was out of the company’s hands. He did state, however that there are other areas which the company will explore in Cyprus’ offshore fields. Turkey had escalated its bullying of Cyprus last week after its tantrums over the Economic Exclusion Zone agreement between Cyprus, Egypt and Greece failed to gather meaningful attention.

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