Eni Halts Sale of Australian Assets after Bids Fall Short


January 5, 2021
Illustration only - File Photo: Eni (CC BY-NC 2.0)

Illustration only - File Photo: Eni (CC BY-NC 2.0)

Italian oil and gas group Eni has put on hold the sale of Australian gas assets it values at around $1 billion after they failed to attract satisfactory bids, two sources close to the matter said, confirming a press report.

One of the sources said offers had been well below what Eni had expected.

A spokesman for Eni said the group would not comment on a press report.

"However, Eni confirms its strategy of rationalization of its product portfolio, which will only become effective when conditions are met for the assets concerned to be adequately valued," he said.

News that the sale process had been halted was reported first by Italian daily MF on Tuesday.

The disposal of its Australian gas assets is part of Eni's plans to sell non-core assets to raise cash after the global downturn triggered by the coronavirus pandemic, and its drive to focus on cleaner fuels.

Eni and its adviser Citi had expected binding bids for the gas assets in Australia by the end of November, two sources had said.

 (Reporting by Giulio Piovaccari and Stephen Jewkes; Editing by Jan Harvey and Susan Fenton)

No comments

More Popular Posts

About Crude Oil Brokers Ltd

Crude Oil Brokers Ltd is a dedicated global broker and facilitator of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Brokers, click here ». To learn more about Crude Oil Brokers Ltd, click here

Crude Oil Brokers