Eni SpA (E) Chief Executive Paolo Scaroni said Wednesday that the Italian oil and gas multinational was reviewing its relationship with services company Saipem, of which it holds 43% but with no control over its operations.

"We will be looking for a solution which possibly will review this contradiction of not controlling a company, but consolidating it," he said. Saipem's results are consolidated into Eni's results, but the oil services company has its own board.

His comments come after Saipem Friday announced its second profit warning this year, citing deteriorating operations in Algeria where the company is the focus of a corruption investigation. Saipem denies any wrongdoing.

Scaroni declined to say if Eni would sell all or part of its stake in Saipem--a move that would release Eni from consolidating its results. 

"If we keep 43%, consolidation is not a choice, its an obligation," he told reporters on the sidelines of an oil conference.

He added that Eni was not in a hurry to make a decision and planned to wait until Saipem's share price had stabilized and the situation surrounding the Algerian probe became clearer.
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