Saipem CEO says Saudi contracts part of natural gas shift

Saipem shares rose 2.9 percent in Milan on Wednesday, outperforming a 0.8 percent rise in Italy’s blue-chip index. (AFP)
Updated 11 July 2019

Saipem CEO says Saudi contracts part of natural gas shift

  • Saipem shares rose 2.9 percent in Milan on Wednesday, outperforming a 0.8 percent rise in Italy’s blue-chip index

ROME: Two contracts signed in Saudi Arabia for $3.5 billion by Italy’s oil contractor Saipem are part of a shift in the company’s strategy to focus more on natural gas, Chief Executive Stefano Cao said on Wednesday. Saipem said on Tuesday it won two new contracts from Saudi Aramco for the development of land facilities of the Berri and Marjan gas fields, which are both located in the Arabian Gulf. The gas contracts announced on Tuesday “confirm that this is the fundamental strategy for our company,” Cao said.
Saipem shares rose 2.9 percent in Milan on Wednesday, outperforming a 0.8 percent rise in Italy’s blue-chip index.
“The news is very positive and improves the visibility of our estimates on 2020-2022, in particular for the E&C (Exploration and Construction) onshore division,” broker Equita said.
Stefano Cao met in Milan on Wednesday with Filipe Nyusi, the president of the Republic of Mozambique, where Saipem last month won a $6 billion exploration, procurement and construction contract for the Anadarko Mozambique liquefied natural gas project.
The Saipem CEO said Mozambique, a gas producer, would become one of the most important countries in the company’s portfolio. “In the energy transition (toward renewables) the gas chain will play a fundamental role,” Cao said.


Lufthansa cabin crew union calls for Sunday strike in Frankfurt, Munich

Updated 14 October 2019

Lufthansa cabin crew union calls for Sunday strike in Frankfurt, Munich

  • Additional calls for strikes at the group’s five airlines are possible at any time

BERLIN: German flight attendants’ union UFO is calling for a five-hour strike on Sunday at German flag carrier Lufthansa, UFO said on Monday, in an escalating row over workers’ pay.
Flight attendants and pursers at Lufthansa’s largest hubs, Frankfurt and Munich, have been called upon to take part in the walkout, which is scheduled from 0400-0900 GMT, UFO deputy chief Daniel Flohr said in a video message released on YouTube.
Additional calls for strikes at the group’s five airlines are possible at any time and the union will discuss unlimited walkouts next week, Flohr added.
He said UFO was demanding from Lufthansa’s namesake airline a 1.8 percent pay increase over a half-year period.
At other airlines of the German group, the union is in conflict over issues including pay as well as part-time work and pension plans, Flohr said.