Eni sells entire stake at Galp
Italy
ROME, November 20, 2015 – Eni sold its entire share in Portuguese player Galp Energia on Friday. The company is reducing its exposure to subsidiary debt to improve its finances and increase funding for exploration activities according to Ahmed Ben Salem, an analyst at Oddo & Cie.
The oil major sold a 12.5-percent stake in Italian oil services company Saipem in October for $7.2 billion. The sale will reduce the company’s debt by $5.1 billion.
Eni had a 4-percent remaining share in Galp after selling the rest of its 33 percent participation over several transactions since 2012 that banked a total of $3.4 billion.
Depressed oil prices have pushed many international companies to sell subsidiary stakes. Brazil’s state oil company Petrobras sold a 49-percent stake in its Gas Unit for $490 million to pay off debts in October. Meanwhile, Denmark’s Maersk Oil sold its 75-percent share in offshore oil services company Esvagt in July this year.
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