Eni Renegotiating 30% of Gas Contracts This Year, 40% in 2013

Eni SpA (ENI), Italy’s largest utility, is renegotiating 30 percent of its natural gas contracts with suppliers this year and a further 40 percent in 2013, according to Chief Financial Officer Alessandro Bernini.

The company’s aim of improving operating profit compared with 2011 relies a lot on the result of its renegotiations with OAO Gazprom, he said on a conference call with investors following the release of earnings today.

To contact the reporters on this story: Matthew Brown in London at mbrown42@bloomberg.net; Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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