Italy Aims To Complete Eni, Enel Stake Sales By December
ROME, Aug 28 (Reuters) – The Italian government is on course to sell stakes in energy groups Enel and Eni and to transfer its holding in chip maker STMicroelectronics by the end of the year, a senior official said on Thursday.
At a meeting in the Economy Ministry on Wednesday, the timetable was confirmed with the sales expected to be completed between October and the start of December, said the official, who declined to be cited by name.
Earlier this year, Italy announced plans to sell a 5 percent stake in electricity supplier Enel and a 4.34 percent stake in oil group Eni this year as part of a privatisation drive aimed at reducing a public debt, which is set to top 135 percent of gross domestic product (GDP) this year.
The privatisation drive was intended to raise the equivalent of 0.7 percent of Italy's 1.6 trillion euro GDP, or about 11 billion euros, but market uncertainty has forced the Treasury to delay parts of the programme including the planned sale of a stake in state-owned post office operator Poste Italiane.
The Eni stake sale could raise just under 3 billion euros at current market prices, with 2 billion coming from the Enel stake. The transfer of a 13 percent stake in STMicro to the state investment fund is expected to raise some 800 million euros.
Separately, another 3 billion euros from the repayment of so-called "Monti bonds", the state loans issued to bail out the troubled Monte dei Paschi di Siena bank, should bring the total raised to pay down debt to some 9 billion euros.
(Reporting by Giuseppe Fonte; editing by David Clarke)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension