Italy’s Eni and Spain’s Repsol are selling non-core assets to shore up their balance sheets amid weak downstream markets. Eni sold 5pc of Portuguese energy firm Galp in July an says it is in talks with interested parties to sell its remainin 28.34pc stake. And it is in the process of selling its 52.5pc stake in Italian gas distributor Snam in compliance with an Italian government order. It expects both sales to be com- pleted next year. Eni reduced its net debt by ?1.12bn ($1.43bn) in the first half of this year, thanks largely to a loan repayment by Snam, ending the second quarter with net debt of ?26.91bn — a net debt-to-equity ratio of 42pc, compared with 46pc at the end of 2011.
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