DJ Eni Chairman: Italy Needs Adequate Control Of Gas Network

MILAN (Dow Jones)--Eni SpA's (ENI.MI) chairman has insisted on the importance of having an adequate control over Italy's network of gas pipelines, saying it is in the public interest, according to a local newspaper.

"We're not dealing with a consumer asset but a key infrastructure that is strategic for the country's future," Roberto Poli said, in an interview published Friday in Corriere della Sera.

"We must keep an adequate control of the networks, keep the gas pipelines and storage facilities in secure hands with the public interest in mind," he said.

Eni, in which the Italian state has a controlling stake of about 30%, has faced calls from a minority shareholder to spin off its gas pipelines and its stake in Snam Rete Gas SpA (SRG.MI) to remove debt from its balance sheet and unlock hidden value.

Poli also described as "dangerous and problematic" any operation that would distance the Italian state from the energy company. "We have already lost too many key companies," he said, referring to previous privatizations.

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com

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(END) Dow Jones Newswires

February 19, 2010 03:44 ET (08:44 GMT)

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