Nigeria investigation into ENI unlikely to affect mandate – CEO

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.

Eni CEO Claudio Descalzi, right, talks with Borsa Italiana s.p.a. CEO Raffaele Jerusalmi prior to the Eni investor meeting, in Milan, Italy, Wednesday, March 15, 2017. (AP Photo/Antonio Calanni)
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