Word: eni
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Dates: during 1960-1969
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Long on nerve if sometimes short of cash, Italy's state-owned petroleum combine, ENI (for Ente Nazionale Idrocarburi), elbowed its way into the international petroleum business by adventurous gambles. Buying huge shipments of Soviet oil, it also offered cut-rate competition to Western oil majors for drilling and refining rights in Africa, Asia. Just over a year ago, ENI created a subsidiary, Snam Progetti,* to build refineries, pipelines and petrochemical plants-even for rivals. Quickly catching on, Progetti is now busy with $360 million of construction projects on four continents. Last week the yearling firm opened...
Having the Italian government as chief stockholder of parent ENI also helps. Two state agencies, Mediobanca and Istituto Mobiliare Italiano last week agreed to lend Zambia $30 million to pay Progetti for an oil pipeline from landlocked Zambia to Dar es Salam on the Tanzania coast...
...named because it grew out of the engineering projects (in Italian, progetti) division of the former Societa Nazionale Meta-nodotti, another ENI subsidiary...
...Italians have taken to business gift giving with a frenzy, heavily favor French champagne or Italian spumante, Scotch and cognac. Martini & Rossi, Cinzano and Carpano all send out packages or cases of their best vermouth. ENI, the government-owned petroleum combine, gives champagne in decorative holders; IRI, the industrial combine, sends cases of high-quality Maccarese wine. No one cleans up in Italy like the Italian police. Companies have taken up the custom, long observed by the populace, of giving them presents at Epiphany. One result is that on Jan. 6 it is often difficult to spot a traffic...
...feeler from Cefis was snapped up by Esso, which ranks third in Britain and was delighted to add AGIP to its 8,000-station chain. Esso agreed to pay $11 million for the chain, a sum that gave ENI a modest overall profit on its investment and last week earned Cefis the compliments of Italian businessmen for consummating un buonissimo affare. Besides removing one of Esso's competitors and restoring the chain to private enterprise, the deal also gives Esso precious locations that it can utilize in its battle with leading British Petroleum and Shell...