Italy’s Enel May Exit Algeria’s Upstream

Italy’s Enel may follow RWE as the next European power utility to sell off interests in upstream assets in North Africa. The company is considering a sale of assets that would generate up to €1bn ($1.1bn), according to a Bloomberg report.

The company’s key upstream assets are in Algeria, where the firm has aggressively expanded in recent years.

A spokeswoman for Enel declined to comment on the report. However, she reiterated the company’s plan to sell off assets totaling €5bn in the next four years. This entails projects valued at €2bn and already in execution, and another €2bn worth of assets already identified. The remaining €1bn will consist of extra assets that will be pinned down in the next years. (CONTINUED - 515 WORDS)