By LIAM MOLONEY
ROME -- Eni S.p.A., Italy's biggest energy company by market
value, is less enthusiastic now about its operations in Iraq
than when it entered the Arabic country after the end of Saddam
Hussein's regime, CEO Paolo Scaroni said Wednesday.
"Our adrenaline rush now is not what it was when we entered
Iraq," said Mr. Scaroni at a conference in Rome with the
International Energy Agency on Iraq.
Eni's issues with Iraq are its high bureaucracy, limited
energy infrastructure and the political situation with the
Kurdistan region that follows its own policy when it comes to
hydrocarbon activities, Mr. Scaroni said. The government in
Baghdad should consider why some global companies are going to
Kurdistan, he added.
"Iraq is more complex than we first thought," he said.
Eni has invested between $4 billion and $5 billion so far in
its Iraqi activities out of the planned $18 billion, Mr.
The Italian company ruled out leaving its activities in Iraq
to move to Kurdistan, Mr. Scaroni added, referring to
ExxonMobil trying to sell its activities in Southern Iraq to
start a drilling effort in the Kurdistan region.
Dow Jones Newswires