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Italy's ENI says growth target depends on Libya

11 march 2011, 01:58
Photo courtesy of ceo.az
Photo courtesy of ceo.az
Italy's ENI, the biggest foreign energy major in Libya, said Thursday it would only be able to hit its yearly growth target for 2011-2014 if normal production resumed in the strife-torn country, AFP reports.

"ENI confirms its strategy of production growth with an average annual increase of over 3% in the 2011- 2014 period, higher compared to the previous plan," a company report said.

"The suspension of some of our production in Libya, if it remains temporary, will not significantly impact ENI’s production growth target," it said.

The prediction failed to boost the market's spirits and Eni's share price fell 1.01 percent to 17.59 euros by close of trading in Milan.

The energy giant said it has been forced to cut its oil and gas production in Libya by over 50 percent due to ongoing unrest there.

"Investments planned in the country over the coming period are limited, and no major projects are expected to start-up in the next four years," the report said.

ENI is the most exposed energy producer in the region, with over 30 percent of its production coming from Libya, Egypt and Algeria, according to a report by global ratings agency Standard & Poor's published on Thursday.

"At present, we believe that two-thirds of Libya's oil and gas production may be affected," the S&P report said.

Natural gas supplies from the turmoil-hit North African state through the Greenstream pipeline -- the only gas link between Libya and Italy, and therefore Europe -- are currently suspended.

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