Agip back to ENI

Apr 26, 1997 02:00 AM

Agip, the Italian exploration and production firm, is to be merged back into its parent, the state-controlled energy company Ente Uazionale Idrocarburi (ENI). The move will "increase efficiency and effectiveness in decision making", said an ENI spokesman. ENI will have direct control over all its main operating subsidiaries excluding offshore engineering contractor Saipem, which will remain independent. The energy giant also announced net income of Lire 4.4 trn ($ 2.6 bn).

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