Eni: Ilva with no business relationship, supply of ‘default’ – AGI – Agenzia Journalistic Italy

Eni: Ilva with no business relationship, supply of 'default' – AGI – Agenzia Journalistic Italy

Economy

21:58 December 17, 2014

(AGI) – Rome, December 17 – Eni does not have to be in a business relationship to supply gas to Ilva. In fact, steel works and ‘currently supplied gas under the “default”, as provided by the Italian regulatory framework, with guaranteed payments from the gas system. Eni and ‘operator of that service by default in quality’ of contractor on the basis of a public procedure. This was communicated by Eni in a statement.
Prior to accession by Ilva to default regime, which took place October 1, 2014, Eni was found in the impossibility ‘to formulate a business proposal to supply gas because’ the significant credit risk and the lack of adequate security by Ilva are conditions that contravene the commercial criteria that Eni applies to all its gas customers. This – the note continues – and ‘in line with the trend in the gas sector in Italy and in Europe for the supply of this importance, and it’ to protect the company and its shareholders, in particular as a listed company.
Ilva, not having entered into any trade agreement it ‘Eni with it’ with other potential gas suppliers in the sector, from October 1, 2014 and ‘entry into the system supply the default provisions of the regulatory framework for just such situations. This regime has also supply a maximum of 90 days and therefore will expire ‘at year end.
In consistency with current regulatory framework, Eni has provided 30 days before the expiry of the service to the formal notification of termination of the supply of default.
retains the possibility ‘for Ilva to identify any gas suppliers on a commercial market including adequate payment guarantees.
The conduct of Eni’ was marked according to objective and market and the ‘company has consistently kept informed Ilva and institutions. (AGI).

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