Italian oil and gas company Eni has put the sale of its stake in pipeline-layer Saipem on hold.
The move follows the sharp global drop in oil prices and the cancellation of the South Stream pipeline – for which Saipem held a construction contract worth €2 billion ($2.5 billion).
Eni began looking into how to dispense with its 43% stake in Saipem in late July, but on Thursday the company said increasing market volatility had forced it to “put the assessment on hold”.
The cancellation of South Stream...
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