Whither E.N.I.?

The death of Italian Oil Czar Enrico Mattei left the Italian government with the choice of dismembering the state-owned E.N.I. oil and gas monopoly that he ran as a personal fief, or choosing a tough successor to carry on Mattei's expansionary and controversial policies. Premier Amintore Fanfani last week did neither. To succeed Mattei as head of the "state within the state'' Fanfani selected E.N.I.'s scholarly vice president. Professor Marcello Boldrini, a mere 72, and Mattel's lifelong loyal friend.

Boldrini predictably vowed to continue Mattei's policies, which involved buying huge shipments of oil from the Russians, offering cut-rate competition for private Western oil majors for drilling and refining rights in Africa and Asia, and aggressively tightening E.N.I.'s grasp on the Italian economy through interests ranging from fertilizers to cement. But Boldrini is neither young nor dynamic and much prefers his off time job as statistics professor at Rome University. He is being referred to as an "interim Pope."

Politics in the Oil. Because Mattei was a national hero, Fanfani had to give the appearance of preserving his policies. As usual, there was plenty of politics mixed in the oil. E.N.I, in its freewheeling way is much admired by the Nenni Socialists, whose displeasure could bring down Fanfani's precariously balanced Cabinet. Many Italian politicos are beholden to E.N.I., which under Mattei practiced a deft and munificent nonpartisanship. E.N.I, was one of the largest contributors to Fanfani's Christian-Democratic Party, gave generously to other political parties. Italian politicians who could find time to write reports for E.N.I, or give lectures to its officials were well paid. The man who handled many of E.N.I.'s parliamentary ''contacts" was Boldrini.

Considering Boldrini's age, Italians are already speculating on his successor. The morning line favors Eugenio Cefis, 42, who moved up to Boldrini's vice presidency last week. Cefis (pronounced Cheh-feece) met Mattei in the anti-Nazi resistance after the collapse of Mussolini and stayed on to help Mattei negotiate many of E.N.I.'s oil prospecting deals.

Signs of Softening. Whoever becomes E.N.I.'s long-term chief, it is unlikely that he will command Mattei's absolute powers. Studies by other oilmen find that E.N.I. is heavily in debt and depends on long-term loans for two-thirds of the total capital invested in its operations, v. the 8.4% average for private oil companies. E.N.I, reportedly earns only 1.6% on this capital, while private oil companies return 12% on the average.

There are ironic indications that Mattei himself, the self-proclaimed scourge of the seven major international oil companies, was moderating his approach just before his death. He had reached tentative agreement with his bitterest enemy among the oil majors--Jersey Standard--to end a tangled year-old court fight over a refinery in Bari they have been trying to operate jointly. Some oilmen believe that the deal might have included sale of Esso crude to Mattei at prices low enough to cut out the Soviets. In any case, E.N.I. very likely must find another large source of oil by 1965. The Common Market has agreed that by then the international trade policies of its six members will be determined by a majority rule among them. And the other five are solidly against large dependence on Soviet-bloc oil imports.

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