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Italy has long been a close trading partner of Libya, and its energy firm ENI (E) is one of the largest producers of oil in Libya.

Eni's chairman, Giuseppe Recchi, recently told analysts that it would probably take a year to return Libya to normal export levels.

Executives said the losses could be higher if the undisclosed shutdowns from Eni were included.

Eni said that none of its oil installations have been attacked and that only some were offline.

A vessel owned by ENI was been asked to leave Zawia, said people familiar with the oil and shipping market.

One bit of the firm that has not suffered is Eni's huge gas and power division, which is highly regulated.

Eni quickly denied that it had sent any personnel to the still-unsettled region, which is Italy's largest source of imported oil.

Things turned so bad that Eni's partners quietly began to lobby against the Italian company.

ENI, a state-controlled oil-and-gas group established in 1953 to help Italy escape dependence on foreign firms, is growing.

Shell and BG declined to comment. Eni did not respond to requests for comment.

Stocks like Eni, the Italian oil company, and Telefonica, the Spain-based telecom giant, have crashed more than 20% in a few weeks.

Eni also confirmed it has shut down "certain" oil and gas operations, without providing any more details.

Italian oil company Eni SpA said it wasn't seeing any real reductions in its cost of drilling wells.

He adds that he is pleased Eni will not be running the second phase of the project on its own.

Paolo Scaroni, Eni's boss, sees the firm's peculiar mix of swashbuckling exploration and plodding distribution as a virtue.

Industry sources said Eni had agreed to share assets with Gazprom "in a north African country, probably Libya" .

Lower energy prices and falling demand have naturally hit Eni's profits from production, refining, marketing and petrochemicals.

As part of the agreement, the Iraqi government told the Eni consortium to drop Sinopec, the Chinese state-owned oil company, as a partner.

He argues that melding the two at Eni has saddled the oil division with heavy debts more befitting a utility and befuddled investors.

Sell off RAI (television), Enel (electricity), Eni (oil), Finmeccanica (defence and aeronautics) and BancoPosta (post-office banking).

Eni, an Italian oil giant, has joined Russia's Gazprom in a project to pipe gas from Russia to central Europe.

The ministry will also sign an initial deal on Nov. 2 with Italy's Eni SpA over the Zubair oilfield, Oil Ministry spokesman Asim Jihad said.

The chief executive of Eni, the Italian oil company, begins to summarise a century of Italy's often fraught relationship with Libya.

On August 29th Eni signed an agreement with the national council to supply it with fuel to be paid for in crude.

The Italian energy firm ENI last month announced two major finds in the Mamba South gas fields off Mozambique's northeastern coast.

Mr Scaroni and Mr Ghanem are meeting to sign perhaps the most important contract so far in Mr Scaroni's three-year tenure at Eni.

Foreign oil companies, including Italy's Eni SpA and Spain's Repsol YPF, said they had suspended some operations.

Eni of Italy could also restore production from the offshore fields relatively quickly too.

Italian oil company ENI and Spanish oil company Repsol 22, announced the suspension of part of Libya's oil and gas production.

Up to 15 per cent of sales to customers such as Germany's Eon Ruhrgas, Italy's Eni and France's GDF Suez will be linked to spot prices.

In June Iraq's Oil Ministry said Eni, with other bidders, was not willing to accept the government's contract terms for the Zubair oilfield.

Mr. Frattini even reported that Eni technicians were already on their way to eastern Libya to restart production.

Italian oil and gas group Eni is the largest foreign operator in Libya's oil in 2010, Nissan is about 27 million barrels of oil equivalent.

Eni resumed oil production in Libya for the first time since it fled the fighting between rebels and forces loyal to Muammar Qaddafi.

Their executives say Eni promised the government too much, too quickly.

The second phase of the project, which is led by Eni of Italy, will be delayed until 2019, three yeas later than currently envisaged.

"(We changed our minds) because the tax terms are different now, " said Eni's Chief Operating Officer for E&P Claudio Descalzi on Thursday.

Eni, Europe's fourth-largest oil company, climbed 2. 9 percent in Milan.

Ahead of the revolution last year, ENI was generating 15% of its total output from Libyan wells.