Enel SpA and Gas Plus SpA have made an offer of under €1 billion for the hydrocarbon assets that Eni SpA is selling in Italy, two financial sources close to the matter said on November 6. The sources said the offer is for two of three asset units oil and gas group Eni has put up for sale. "The offer is for the assets in the Po valley in the north and offshore assets in the Adriatic sea," one of the sources said. Eni has decided not to sell the third unit in the south, one of the sources said. Newspaper reports have suggested that Eni is looking for €1.5 billion - €2.0 billion for the assets. Both Eni and Enel refused to comment.

Eni SpA is looking at divesting TAG pipeline in order to settle a dispute with Brussels, sources close to the situation stated. Sources stated that European Competition Commissioner, Neelie Kroes has asked Eni to divest TAG as part of a probe dating from 2007 into restrictive pipeline practices. Two sources stated that at a hearing on November 27 Eni could offer to sell the pipeline, maybe to Italian institutional investors. They added that the company would try and keep rights to transport gas through the pipeline to honor its existing contracts. One of the sources said: "On that occasion Eni could offer the EU to sell TAG." Another source said: "This might satisfy the EU, since this way the new owners of the pipeline could make the investments needed to increase its capacity and sell to other operators." Reuters reported that Eni denied commenting on the report.

Eni SpA has reported earnings results for the third quarter and nine months of 2009. The company reported a net profit of EUR 1.24 billion, or EUR 0.34 per share, for the third quarter of 2009, compared to EUR 2.94 billion, or EUR 0.81 per share, for the same period of 2008. The company has reported an operating profit of EUR 3.22 billion for the third quarter of 2009, compared to EUR 6.24 billion for the same period of 2008. Eni has reported a net profit of EUR 3.98 billion, or EUR 1.10 per share, for the first nine months of 2009, compared to EUR 9.69 billion, or EUR 2.66 per share, for the corresponding period of 2008. Year-to-date operating profit was EUR 9.59 billion, compared to EUR 18.21 billion for the first nine months of 2008.