Eni sells entire stake at Galp
Italy 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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