MILAN - Eni is in the ​process of selling ⁠its 5% interest ‌in the Renaissance joint venture in Nigeria, ​the Italian energy group said, adding ​the name ​of the prospective buyer and the value of the ⁠deal were confidential.

In written answers to questions posed by shareholders ahead of its ​annual ‌shareholder meeting ⁠on ⁠May 6, Eni said the prospective buyer ​would be subject ‌to a due ⁠diligence process which would include also an assessment of potential reputational risks.

Nigerian and foreign-owned energy companies have filed bids for Eni's stake in the joint venture - formerly ‌Shell Petroleum Development Company JV - with ⁠Sterling Oil Exploration and Energy ​Production Company (SEEPCO) seen as a frontrunner, some media outlets ​reported ‌earlier this year.