Eni CEO Says No Impact From Probe on Saipem Algeria Contracts

By Liam Moloney and Barbara Calosso

Eni SpA (E) hasn't felt the impact of the probe by Milan magistrates over possible corruption in some Algerian deals which centers on the oil services company it controls, Saipem SpA (SPM.MI), said Chief Executive Paolo Scaroni of Italy's biggest energy company by market value Friday.

Last week, Saipem's chief executive and Eni's chief financial officer resigned after Saipem received notice from Milan magistrates they were investigating possible corruption in some Saipem Algerian activities.

Both officials haven't been linked to the judicial probe.

Saipem said it acted lawfully and in accordance with internal procedures.

Eni will renegotiate its natural gas contracts in 2013, said Mr. Scaroni at a conference in Milan.

"We will start with the ones from Norway, Holland, Libya, Russia and last with Algeria," he said.

The Eni executive also told reporters the Rome-based company received many non-solicited offers for a share of its 70% stake in a gas find in offshore Mozambique.

Write to Liam Moloney at [e-mail] and Barbara Calosso at [e-mail]

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