Italy
Italy's ENI was nationalized by Mussolini in the 1930's and is currently Italy's largest industrial
company. ENI's privatization has only been very recent. The first 14.7 percent of ENI was sold
to the public in 1995 for $4.1 billion. ENI has a refining capacity of 933,000 barrels per day and is
Europe's third largest refiner. ENI's crude oil production comes primarily from Libya, Egypt,
Nigeria, the Congo, the North Sea, and Angola. ENI produces smaller amounts of crude oil in
Tunisia and in the United States. ENI's China production began in 1992, although it currently
amounts to only 1 percent of ENI's total crude oil production. Downstream, ENI has recently
obtained a 17-percent interest of a consortium (including Conoco, and Royal Dutch/Shell) to
reconstruct two Chinese refineries for a total investment of $480 million. ENI has also signed an
agreement with Russia's Lukoil to jointly develop an oil field in western Siberia. ENI has recently
attempted to diversify its ownership overseas. As an example, a large portion of ENI's recent
public offerings were dedicated to U.S. investors. ENI has also greatly reduced its payroll in
recent years from 124,000 in 1993 to 91,000 in 1995 {see Endnote 24}.