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Eni SpA May Buy Out Union Fenosa

Eni SpA said it may consider buying the 50 per cent stake it doesn't already own in a Union Fenosa SA natural gas venture

Eni SpA, Italy's largest oil company, said it may consider buying the 50 per cent stake it doesn't already own in a Union Fenosa SA natural gas venture, adding that current conditions aren't right for a sale.

"Under the right conditions we might be interested to increase our stake," Eni chief executive Paolo Scaroni said Tuesday. "Negotiations are not taking place."

Eni and Spain's Union Fenosa have a joint venture called Union Fenosa Gas, in which both hold 50 per cent stakes.

Author: Jo Amey