- Eni (E -2.2%) says it plans to speed up asset sales to €11B ($14.74B) by the end of 2017, a €2B increase from a previous business plan, and place a greater focus on its core business and recent exploration discoveries; Saipem (OTCPK:SAPMY), Eni's troubled services unit, isn't a core part of the business and could be sold.
- In addition to the asset sales - €6B of which are scheduled by the end of next year - Eni says it will seek to boost cash flow by cutting €1.7B in costs by the end of 2017, and plans reduce its refining capacity by more than 50% by restructuring plants in Italy and reducing its presence in Europe.
- Earlier: Eni Q2 adjusted net profit jumps 51% but misses forecast.