‘Piazza Affari falls with Saipem’

Published on 31 January 2013 at 11:09

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The Milan stock exchange lost 1.34 per cent after gas extraction company Saipem, which is controlled by Italian energy giant ENI, fell 34 per cent following a profit warning on its forecast business. Last December, Saipem was hit by a corruption scandal in Algeria, one of its main operation countries, which prompted the resignation of its CEO.
According to Linkiesta.it the whole affair is the consequence of a power struggle between the Algerian government, which controls the national gas company Sonatrach, and the powerful military secret services. It believes the hostage crisis at the In Amenas gas field may also be linked to this ongoing struggle for power.

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