ENI and the game of 3 cards

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The cost of oil is increasing all the time. The cost of petrol is increasing all the time. Heating oil is by now a luxury item. But there is a body that is watching out for us: ENI.

ENI is the company managed by Scaroni who has been definitely convicted for corruption. ENIís controlling shareholder is The Treasury, that is us. Eni is making profits on profits.
5,000,000,000.28 Euro of net profits in the first six months, with an increase of 21.5% in relation to 2005.

But the increases that weíve had to suffer, what have they been for? Didnít we have an oil emergency? If oil costs more and we pay more, Iím stumped as to why ENI can gain more. Itís finance magic. Itís a joyous Mystery. A game of three cards.

Paolo Scaroni, ENIís CEO. Has commented like this the results of the first six months:
ďIn the first six months, ENI has seen excellent results operating in a context of high oil prices, of a significant increase in our production of hydrocarbons and of a marked growth in the European demand for gas. I hope and trust that 2006 will be for ENI another positive year and this is why I intend to propose to the meeting of the Board of Directors on 21 September an anticipation of the 2006 dividend of 0.60 Euro per shareĒ. This is obviously following on from the:
ď2006 interim dividend following the international best practice of reporting. On the basis of the examination of the results of the first six months of 2006 and in accordance with the international best practice of reporting, the Managing Director intends to propose to the meeting of the Board of Directors on 21 September which has been called to approve the 6-month report, the distribution to the shareholders of an anticipation of the 2006 dividend of 0.60 Euro per share (0.45 Euro in 2005, +33.3%) to be paid starting from 26 October 2006 by detaching the coupon dated 23 October 2006.Ē

A piece of advice to the Government: change everything at ENI. Itís one of your precise duties for the Italians. Those who manage monopolies of primary goods (and energy is exactly that) cannot first think of the dividends and then of the country. The profits should be reinvested in alternative energy to reduce the dependence on oil. Energy in Italy is not a market but a way of distributing Euros to ENI shareholders.


P.S. Iím asking Mincato, the previous Managing Director of ENI who was removed without reason, to telephone me to make me understand. Call me MincatoÖ

Posted by Beppe Grillo at 09:06 PM in | Comments (7)
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Comments

They are just a bunch of bastards looking for money.

Posted by: Giovanni Principe | August 25, 2006 06:50 PM


Instead of giving the damn dividends to shareholders, why don't these great minds and bastards at ENI lower the prices for consumers? Ah, but yes, I have to remember, Italians rage and swear and comment about things... they have never really done anything active in these matters, unfortunately.

Meanwhile, I just hope to meet Scaroni... is he the Scary One of ENI? I shall have no problem whatsoever telling him what I really think of him.

Posted by: Joselle Camilleri | August 25, 2006 03:53 PM


I'm afraid that it's the second one!
;-)

Posted by: Raffaella Biferale | August 23, 2006 12:54 AM


What is the average italian thinking about this?

Are they feeling the pinch in their wallet or are they still having their brain sucked by GF (Grande Fratello), football and bare asses on TV?

Posted by: Giovanni Principe | August 22, 2006 12:08 AM


Very good post indeed. I agree 200%. It does not make sense to boast performance done through a monopoly regime. Taking money out of all italians and giving it to shareholders HAS NOT to be the first priority but, as you said, reinvestment and research instead.

Posted by: Christian Ekipaser | August 21, 2006 05:03 PM


Elizabeth, this is the one that Beppe has: http://en.wikipedia.org/wiki/Toyota_Prius
it's a hybrid car.

ciao,
Dan

Posted by: Dan | August 21, 2006 03:32 PM


I've got a regular car that runs on petrol and I'm thinking of changing it. - Should I get a non-petrol car? If so which one? What should I look out for? - I use the car for short journeys around town and occasionally for longer journeys to places an hour or two from home. My present car can squeeze in up to 4 passengers. I tend to be carrying the odd elderly relative so it needs to be fairly easy to get in and out of.
Many thanks

Elizabeth

Posted by: Elizabeth Birks | August 21, 2006 11:29 AM


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