Eni CEO: Corruption investigation unlikely to affect mandate

By The Associated Press | Posted - Mar. 15, 2017 at 7:06 a.m.

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

MILAN (AP) — The CEO of Italian oil and gas producer ENI says he does not expect that corruption investigations into a Nigerian oil field contract will impact a decision on renewing his mandate.

CEO Claudio Descalzi said Wednesday that he didn't think investigations in Milan and Nigeria would impact the decision, but added "you need to ask those who must decide."

The Italian government, which is ENI's largest shareholder with a 30-percent stake, is expected to decide this month whether to confirm Descalzi. Investors have praised the current management's results, particularly in exploration and production.

Milan prosecutors are seeking indictments against Descalzi and 10 others for allegedly paying bribes to win rights to a $1.1 billion sale of one of Africa's richest oil blocks. A decision isn't expected before June.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press


    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast