Nov 02 - Eni In Talks With Lukoil To Sell Rubber Units

Source Press Release
Company ENI S.p.A. 
Tags Chemicals Activities
Date November 08, 2002

Italian oil and gas company Eni SpA is in talks with Russia's largest oil producer, OAO Lukoil , for the sale of its elastomer and synthetic rubbers units. Eni, Europe's fourth largest energy company, is examining alternative options to sell its unprofitable petrochemical assets after negotiations to form a joint venture with Saudi Arabia's Saudi Basic Industries Corp. fell through in April.

Polimeri Europa SpA, the unlisted unit owning Eni's petrochemical assets, has an estimated value of around EUR1.5 billion. Eni is seeking a piecemeal sale after Sabic's retreat. Eni has set a Nov. 25 deadline for bidders to submit their expressions of interest for Polimeri Europa's elastomer and rubber units.

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