logo
Eni agrees to sell Vitol stakes in Ivory Coast, Congo upstream assets

Eni agrees to sell Vitol stakes in Ivory Coast, Congo upstream assets

Reuters19-03-2025
MILAN, March 19 (Reuters) - Italian energy group Eni (ENI.MI), opens new tab has agreed to sell stakes in assets in Ivory Coast and the Republic of Congo to global energy trader Vitol for an aggregate value of $1.65 billion at January 1 2024, with cash adjustment at closing.
Vitol will acquire an interest in oil and gas producing assets and blocks undergoing exploration, appraisal and development, Eni said in a statement on Wednesday.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
The deal includes the Baleine project in Ivory Coast, where Eni has a 77,25% ownership interest and Vitol will acquire a 30% stake, and the Congo LNG project in the Republic of Congo, where Eni has a 65% stake and Vitol will acquire a 25% participating interest.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Japan's wholesale inflation slows for 4th month in July
Japan's wholesale inflation slows for 4th month in July

Reuters

time2 hours ago

  • Reuters

Japan's wholesale inflation slows for 4th month in July

TOKYO, Aug 13 (Reuters) - Japan's annual wholesale inflation slowed for the fourth straight month in July, data showed on Wednesday, underscoring the central bank's view that upward price pressure from raw material costs will dissipate. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 2.6% in July from a year earlier, data showed, slowing from the previous month's 2.9% increase. It compared with a median market forecast for a 2.5% rise. The yen-based import price index fell 10.4% in July from a year earlier, following a revised 12.2% drop in June, the Bank of Japan (BOJ) data showed.

Malaysia's economy likely grew 4.5% in second quarter: Reuters poll
Malaysia's economy likely grew 4.5% in second quarter: Reuters poll

Reuters

time2 hours ago

  • Reuters

Malaysia's economy likely grew 4.5% in second quarter: Reuters poll

BENGALURU, Aug 13 (Reuters) - Malaysia's economy grew at a steady pace last quarter as strong household consumption offset weak exports, a Reuters poll of economists showed. Advance estimates showed the country's second-quarter gross domestic product was supported by growth in the services and manufacturing sectors, reflecting healthy domestic spending. The economy grew 4.5% year-on-year in the second quarter, in line with a preliminary estimate released in July, according to the August 5 to 12 Reuters poll of 23 economists. Forecasts for the data, due out on Friday, ranged from 3.9% to 4.6%. Growth in the first quarter was 4.4%. "High-frequency data across the board from retail sales, wholesale trade, motor vehicle sales, government spending, all of it suggests there has been a general improvement compared to the first quarter," said Lavanya Venkateswaran, senior ASEAN economist at OCBC Bank. "There is a definite resilience in domestic demand which has manifested in the second quarter, and there's no sign anything is falling off a cliff just yet," she added. Exports were a weak spot. Trade activity slowed in the quarter with exports falling for a second straight month in June, down 3.5% from a year earlier, the lowest since December 2023 as shipments to China - Malaysia's largest trading partner - fell 9.3%. That, along with the potential impact of U.S. President Donald Trump's19% import tariffs, is expected to weigh on growth in the months ahead. Bank Negara Malaysia cut interest rates in July for the first time in five years to support the economy due to a weaker outlook and rising global trade uncertainty, raising the prospect of another cut this year. "The rate cut by BNM in its July meeting was cited as 'pre-emptive' in the face of global uncertainty," said Denise Cheok, an economist at Moody's Analytics. "The ringgit has remained relatively strong against the greenback in recent months, providing the central bank with room to cut interest rates without raising concerns over currency weakness," she said. The Malaysian ringgit is up over 5% for the year. A separate Reuters poll forecast Malaysia's GDP to grow 4.2% in 2025, below the government's 4.5% to 5.5% target range.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store