Energean leaves Italy: Oil&Gas actions offered to Carlyle | EUROtoday

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Less than a yr in the past he threatened to depart Italy. Now Energean has moved on to the info, asserting the sale to the Carlyle fund of all of the Oil & Gas actions in our nation, in addition to these in Egypt and Croatia, in alternate for a sum that would attain 945 billion {dollars}: 3 times the value that he had paid in 2020, when he received them by taking up Edison's exploration and manufacturing portfolio. Truly a “fantastic deal” for the Greek firm, as CEO Mathios Rigas outlined it bluntly.

As for the exit from Italy – the place Energean is a vital operator, with round fifty licenses and a gasoline manufacturing surpassed solely by Eni and Shell – the supervisor prefers to not revive the controversies, which had flared up above all with the tax on additional income of vitality firms: «Our resolution – he explains to Il Sole 24 Ore – needs to be seen in parallel with Carlyle's important resolution to enter Italy», a step which based on Rigas needs to be interpreted as «an important vote of confidence in the direction of this nation and this sector by a significant US investor within the vitality area.”

The private equity giant, which entered the field through Carlyle International Energy Partners (Ciep), has clarified for its part that this is not a “hit and run” operation, of a purely financial nature, even if the very nature of the investor leads to the exclusion of a time horizon greater than a few years.

Specifically, Carlyle will group the activities taken over by Energean into a new company, which will have a starting production of 47 thousand barrels per day of gas and oil, destined to grow with further acquisitions. In the words of Bob Maguire, Co-Head of Ciep, the group «will support the transformation of these assets into a scalable E&P platform in the Mediterranean, with the execution of short-term development projects that open up opportunities for organic growth, M&A and accelerating the implementation of pre-existing decarbonisation plans”.

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Among the primary objectives is the beginning within the subsequent few weeks of manufacturing from Cassiopea, an vital gasoline area off the coast of Sicily, of which Energean was Eni's associate with 40%. The firm is energetic, fairly often alongside the six-legged canine, additionally in Marche, Abruzzo, Molise, Puglia and Basilicata. In view of his takeover from Edison, he had underlined, via an interview given by Rigas to Il Sole 24 Ore, the centrality of Italy in his improvement methods.