Word: mattei
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...between E.N.I., the state oil monopoly, and Gulf Oil's Gulf Italia subsidiary. The grudge began after E.N.I, prospected unsuccessfully for oil around Ragusa in Sicily -and Gulf Italia, moving into the same area, brought in 50 wells. This victory by private enterprise so infuriated the late Enrico Mattei, E.N.I.'s leftist president, that he set out to drive Gulf Italia from Sicily. The Italian left, attacking foreign investors in general, jabbed especially at Gulf Italia's vice president and operating head, Prince Nicolo Pignatelli Aragona Cortes, scion of a noble family that claims Pope Innocent...
...astonishment of most Italian businessmen, the long feud between E.N.I, and Gulf Italia ended, and the two protagonists prepared to join in a $150 million oil deal. Nicky Pignatelli, 40, is no man to run from a fight; he had held off the left by forcefully debating Mattei face to face, once successfully sued a Communist newspaper for libel after it accused Gulf Italia of using improperly obtained government surveys to locate its oil. On the other hand, the prince is not inclined to fight needlessly when a deal can be made. E.N.I.'s pipelines and service stations stretch...
When swashbuckling Enrico Mattei was killed in a plane crash last year, the man who took over Italy's state oil monopoly was so old-72-that many Italians scoffingly dubbed him the "interim pope." But in one year on the job as chief of Ente Nazionale Idrocarburi (E.N.I.), Marcello Boldrini, a former professor of statistics, has proved as aggressively expansive as Mattei. Traveling from the Volga to the Congo, Boldrini has won a barrel of new business for E.N.I. and spearheaded Italian commercial penetration abroad...
Advancing in Africa. With two close aides who also had been cronies of Mattei-Eugenio Cefis, 42, and Raffaelo Girotti, 45-Boldrini has bargained to buy low-cost crude oil for Italy from both Russia and the U.S.'s Jersey Standard, thus pursuing Mattei's policy of playing off rivals and exploiting a buyers' market. Stretching out in Europe and Africa is the chain of gas stations run by E.N.I.'s sales arm called AGIP, whose symbol is not a dinosaur or a flying horse but a six-legged dog (it was a draftsman...
Retreating in Profits. But trouble bubbles beneath E.N.I.'s expanding surface. Mattei's ambitious growth schemes saddled E.N.I. with a debt that now runs to $1.2 billion-double its annual sales. As costs of servicing the debt have swollen to $26 million yearly, profits have plunged from $10 million in 1961 to $400,000 last year. One way or another, by his skillful lobbying and pressure tactics, Mattei could always count on the unwavering support of some 60 Deputies in the Italian Parliament. Boldrini is less a political power and popular hero than Mattei was, and will have...