“No risk of foreign escalations. With Saudi Arabia in ENI share capital, we won a lottery. A gift from the Prince Mohammad bin Salman” the statement of FederPetroli Italia’s president Michele Marsiglia, following Bloomberg and Wall Street Journal rumors for an equity investment under Covid19 period by the Saudi Sovereign Wealth Fund (PIF – Public Investment Fund).
FederPetroli Italia’s president continues “Given the times and excessive stock market decreases of most companies, it is right that the market authorities, such as Consob, are vigilant actors to avoid any corporate escalations by third countries, but is also right to say that if a public or private investor takes advantage of some favourable market situations there is nothing abnormal or illegal. In this last period, ENI has increasingly consolidated the Middle East with strategic agreements, especially in the Arabian Peninsula and Emirates. A possible entry of Saudi Funds into the share capital of the italian energy company is only to be considered a lottery. In this way we could have medium and long term advantage in foreign energy operations, not only, thanks to partnerships the future new oil field and other site investments would be more advantageous, working on parallel tracks with other investors, with a common profit objective”.
“If we consider the high value of the the stock exchange listing of saudi energy company Saudi Aramco, the price of oil today, the market situation and the massive oil presence of the Middle Eastern territory, for Italy this financial action does not become a corporate escalation but an strong note of merit. Unfortunately, our Country, weak and frightened by external markets, evaluates a large part of investment actions, hostile company escalations. The important thing is that the Governance remains italian and this seems for ENI more than evident” says president Marsiglia.