Eni Extends Norwegian Spin-Off Strategy to Oil and Gas Assets in Africa, Middle East
Source: Eni. Africa’s biggest foreign oil and gas producer, Italy’s Eni, wants to spin off its oil and gas operations in West Africa and the Middle East to create joint ventures (JVs) to reduce debt at the group level, and distance itself from oil and gas while retaining control of the assets. The move is part of a strategy that builds on Eni’s successful spin-off of its Norwegian oil and gas subsidiary (Eni Norge) to create the Vår Energi JV in 2018 with the equity firm HitecVision; Eni holds a 69.85% stake in Vår Energi and Hitec holds 30.15%, according to Vår Energi’s website.
Source: spe.org