Italian oil major Eni, oil services group Saipem and former Eni CEO Paolo Scaroni have been ordered by an Italian judge to stand trial in an Algerian corruption case. The long-running case revolves around allegations Saipem paid intermediaries about 198 million euros (US$218 million) to obtain contracts worth 8 billion euros with Algeria's state-owned Sonatrach.
Saipem has previously said the allegations relate to events that took place up to the beginning of 2010.
In statements on July 27, Eni and Saipem said they were confident they would be able to prove the allegations were groundless.
A lawyer representing Scaroni, who was CEO at Eni for nine years to 2014, said his client was innocent. "We are sure the court will recognize this as the judge in the first preliminary hearing had done," said Enrico de Castiglione.
A decision by a judge last year that Eni and Scaroni should not be sent to trial was overturned by Italy's top appeals court in February.
When Scaroni was CEO, Eni controlled 43% of Saipem.
Under Italian law, companies are responsible for the actions of their managers and can be fined if found guilty.
The corruption trial is scheduled to begin in Milan on Dec. 5, legal sources said.
Saipem, one of Europe's biggest oil contractors, is currently controlled by Eni and state lender Cassa Depositi e Prestiti.
(US$1 = 0.9098 euros)
Recommended Reading
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
Marketed: Stone Hill Minerals Holdings 95 Well Package in Colorado
2024-02-28 - Stone Hill Minerals Holdings has retained EnergyNet for the sale of a D-J Basin 95 well package in Weld County, Colorado.