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SHEL Shell Plc

2,575.00
14.50 (0.57%)
Last Updated: 11:24:58
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Shell Plc LSE:SHEL London Ordinary Share GB00BP6MXD84 ORD EUR0.07
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  14.50 0.57% 2,575.00 2,574.50 2,575.00 2,579.00 2,559.00 2,569.50 1,191,849 11:24:58
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 316.62B 19.36B 2.9804 8.64 167.2B

ENI Denies Corruption; CEO Under Investigation

11/09/2014 2:10pm

Dow Jones News


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ROME-- Eni SpA, the Italian oil and natural gas company, reiterated on Thursday that it had not acted illegally in its purchase of a Nigerian oil asset, as Milan prosecutors put its chief executive under investigation over possible international corruption charges.

In a statement, Eni said Milan prosecutors have placed Claudio Descalzi, its CEO since May and longtime company veteran, under investigation as part of a preliminary probe related to the acquisition of Nigerian offshore oil block OPL 245 in 2011. At that time Mr. Descalzi was the head of the exploration and production division.

"Eni continues to deny any illegal conduct," said the statement, adding it is cooperating with the prosecutors' office and is confident that the investigation will result in the "correctness of its actions."

The prosecutors' probe refers to possible international corruption by the Italian-state controlled company over the Nigerian asset acquisition, said a person familiar with the matter.

The investigation centers on possible corruption as part of the Eni and Royal Dutch Shell PLC acquisition of OPL 245 for a total of $1.3 billion. The oil block had been involved in an ownership dispute for almost a decade between the company that was assigned the licence when the African country was run by a military dictatorship, the Nigerian federal government and Shell.

The purchase has drawn scrutiny from anticorruption campaigners in their attempt to seek greater transparency from oil companies in their dealings with resource-rich non-Western governments.

On Thursday, the Rome-based company repeated that it didn't behave improperly, as the purchase deal it struck over the OPL 245 block was only with the Nigerian government and Shell. In the past Eni has denied using intermediaries for the purchase.

Eni said that prosecutors have also placed under preliminary investigation Chief Development, Operations and Technology Officer Roberto Casula as part of the probe.

Milan prosecutors weren't available to comment.

The majority of probes by Italian prosecutors into corporate officials and companies don't lead to criminal convictions.

At 1126 GMT, Eni shares slip 1.8% at EUR18.72, steeper fall than the 0.3% drop in Italy's benchmark FTSE MIB Index.

Giada Zampano contributed to this article.

Write to Liam Moloney at liam.moloney@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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