Eni S.P.A. (NYSE:E)
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5 Years : From May 2011 to May 2016
("Eni To Take 22 BCM of Russian Natural Gas in 2012 - Report," at 1413 GMT and 1437 GMT, misstated the volume of gas to be taken by Eni in the headlines and lead paragraph, based on the report from Interfax. The company will take less than 22 billion cubic meters. The correct version, which also strikes out the reference to Mr. Scaroni from the second paragraph, follows.)
MOSCOW--Italy's Eni SpA (E) will take less than its contracted volume of 22 billion cubic meters of gas from Russia's OAO Gazprom (GAZP.RS) this year and won't fulfill its "take-or-pay" commitments, Interfax news agency quoted the company's chief executive, Paolo Scaroni, as saying Friday.
"Take-or-pay" commitments oblige companies to take a certain amount of gas a year or pay fines.
Mr. Scaroni was speaking at the launch of construction of the South Stream pipeline that will take Russian gas to Southern Europe via the Black Sea. He said Eni could receive all its gas via the new route, which is projected to have a capacity of 63 billion cubic meters a year on completion in 2018.
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