Eni Denies it’s Pulling Out of Cyprus

“Eni denies being engaged in any discussion for the sale of shares in its assets held in Cyprus,” a company spokesperson said on Thursday.

President Nikos Christodoulides also refuted reports from Bloomberg on Wednesday that Eni intends to sell its rights in Cyprus’ exclusive economic zone (EEZ).

“We have spoken with Eni, there is absolutely no intention in relation to the EEZ of the Republic of Cyprus,” the president said when he was whether he was concerned by reports in relation to Eni’s intention to sell its rights for hydrocarbon exploration and exploitation in Cyprus’ EEZ.

Italian oil giant ENI was said to be considering divestment from specific projects.

Citing unnamed sources, Bloomberg reported earlier in the week that Eni is planning to divest over $4 billion in upstream assets, with Indonesia and Cyprus among those potentially targeted.

Energy Minister George Papanastasiou was quick to assure that even if that were the case, some fields in which Eni is a partner, like the Cronos find in block 6 in the Cypriot exclusive economic zone (EEZ), have been “fast tracked by the company”.

“Assets like Cronos are derisk and companies don’t usually sell them,” he told the Cyprus Mail.

As a result Eni’s Cronos field is unlikely to be at risk.

“Soon there will be a plan presented, and Eni is working on its recommendations for the development and exploitation of the field,” he said.

Source: CNA