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Eni taps advisers to sell €1 billion Ivory Coast stake

1 year ago
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Eni taps advisers to sell €1 billion Ivory Coast stake

Eni SpA is planning to sell a stake in its Ivory Coast upstream operations in a potential deal that could be worth about €1 billion ($1.1 billion), according to people with knowledge of the matter.

The Italian oil company is working with advisers including Standard Chartered Plc on the potential stake sale, the people said, asking not to be identified as the information is private. Eni could sell up to 30% of the business and is drawing interest from industry players in Asia, the people said.

Deliberations are at an early stage and Eni is still evaluating the size of the stake that may be sold, according to the people. Representatives for Eni and Standard Chartered declined to comment.

A potential stake sale could be part of Eni’s broader four-year strategy, which aims to raise about €8 billion from asset disposals. Chief Executive Officer Claudio Descalzi is pursuing a so-called satellite model — splitting off divisions and partnering external investors, with the goal of eventually listing them. Eni did that with renewable unit Plenitude and is planning the same for biorefining and mobility arm Enilive.

Shares in Eni have fallen about 10% so far this year, valuing the company at about $49 billion.

Eni’s operations in Ivory Coast include Baleine, an offshore oil and gas field that is the largest hydrocarbon discovery ever made in the African country. Eni started production at Baleine in August, less than two years after discovering the field, which has raised Ivory Coast’s status as a regional energy hub.

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