Can A Pumped Up Eni Get Into Fighting Trim?

When Gabriele Cagliari spoke at a World Economic Forum seminar high in the Swiss Alps last January, he turned more than a few heads. The husky-voiced boss of Italy's vast energy group Ente Nazionale Idrocarburi (ENI) proposed that OPEC nations turn back decades of nationalist policies and sell portions of their crude reserves to international oil companies as a way to stabilize world energy markets through producer-consumer cooperation. One in the elite crowd who was especially taken with the Italian's market-oriented ideas was Andres Sosa Pietri, the dynamic head of Petroleos de Venezuela, South America's largest energy group. The two struck up an instant friendship, and the Venezuelan flew to Rome days later.

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