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

|By:, SA News Editor

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.