Eni To Start Libya, Algeria Gas Renegotiations

Eni SpA is about to start renegotiations of its long-term natural gas contracts with Libya and will soon begin the same with Algeria, said Chief Executive Paolo Scaroni 28 July 2010 as spot prices of the fossil fuel remain low. Renegotiation "windows" are allowing the Italian oil and gas company to take this step, said Scaroni on a conference call to comment on the company's second-quarter results. Eni isn't only renegotiating the price in these long-term contracts, but also the take-or-pay conditions, he said. The Rome-based company earlier this year renegotiated its long-term gas contracts with Russia's Gazprom. The next renegotiation "window" with Gazprom is in January 2012, said Scaroni. - Wall Street Journal