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.
has invested between $4 billion and $5 billion so far in its
Iraqi activities out of the planned $18 billion, Mr. Scaroni
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