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Eni signs initial deal with Statoil to revise long-term gas supply

  • Eni (E -0.3%) says it signed an initial deal with Statoil (STO -0.3%) on revisions to natural gas supply contracts, including pricing and volumes of gas, as it seeks to lower purchasing costs.
  • Eni is renegotiating its gas supply contracts with the aim of achieving a competitive portfolio by 2016; CEO Paolo Scaroni has said the cost of gas it buys from STO under long-term contracts is among its most expensive.
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