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Premio “Economia Internazionale”

Oscar Garavello, Full professor of political economics, University of Milan

Premio “Francesco Manzitti”

Alessandro Garrone, ERG SpA


The International Economics Prize for 2010 is awarded to Oscar Garavello, Full Professor of Economic Policy at the University of Milan.

Professor Garavello's research interests cover a variety of areas, such as the coordination of economic policy at international level, the workings of international capital markets, and the determinants of import and export flows.

The interrelatedness and convergence of these research themes offer the basis for effective interpretative models and economic policy indications that can be used in resolving the difficulties that the global financial crisis has caused in the area of trade and capital flows between developed and developing countries.

Professor Garavello has carried out research work at the Centre d’Etudes et des Programmes Economique  of INSEE (Paris), the International Monetary Fund (Washington), the University of Cambridge and the  London School of Economics.

He was for many years Professor of Economics and International Institutions at L’Institut National de la Statistique et des Etudes Economiques (Paris) and for more than a decade Dean of the Master's Course in Banking and Finance for Development at the Finafrica Foundation; he also taught in the joint international Master's programme in European integration policies held at the universities of Szczecin (Poland),  Monpellier (France) and Barcelona (Spain).

He is the author of five key volumes in development and international economics: “La mobilitazione della disoccupazione nascosta nei paesi arretrati”; “La politica di stabilizzazione nelle economie di esportazione”; “Svalutazione, flessibilità dei prezzi e riequilibrio della bilancia commerciale”; “Politica economica ed equilibrio esterno”; “Produzione, prezzi e bilancia dei pagamenti”.

His numerous contributions (142) to Italian and international scientific journals cover topics such as the liberalisation of imports as a growth factor in North-South EU agreements, EU agreements with emerging countries, the interaction between trade and environment, problems related to migratory processes, military spending in a globalised economy, and issues arising from Euro-Med agreements.

In 2008, Economia Internazionale/International Economics published his contribution “Rules of Origin in International Trade: New Theoretical and Empirical Models”.

It is a great honour for the Institute of International Economics to award the 2010 Prize to Oscar Garavello in recognition of his wide-ranging and rigorous contributions in areas traditionally covered by Economia Internazionale/International Economics.


The Francesco Manzitti Prize for 2010 is awarded to Mr Alessandro Garrone, Managing Director of ERG SpA., in recognition of his commitment to the internationalisation of the Group. Internationalisation stems not only from the nature of the Group's activities, but also from its strategic long-term vision which aims to make the Group a prime player on international markets. 

As regards oil purchases, Erg buys on average 25% of its crude oil from North Africa, in particular from Libya, another 25% from Eastern Mediterranean countries, more than 30% from Russia and the rest from West Africa. The total cost of these purchases currently amounts to more than 3.5 billion euros (1 billion euros from North Africa).

Exports account for around 50% of the Group's total sales. A large part of these exports are destined to the Libyan market and other countries of the Mediterranean area.

In addition to the Group's normal international trading activities, a strategic network of alliances with other major players is being created so enabling the Group to compete in a market dominated by multinationals and energy giants. Key examples of the Group's internationalisation strategy in recent years include:

  • in 2000, a joint venture with the American multinational, Edison Mission Energy, now International Power, a leading UK independent power generation company, for the construction and management of a state-of-the-art Integrated Gasification Combined Cycle (IGCC) plant.. The total investment was 1 billion euros, 80% of which project financed by a consortium of banks (the first such example in Italy) and is managed 51% by Erg and 49% by International Power;
  • in 2005 a joint venture with Shell Gas, world leader in the LNG market, to construct and manage on a 50/50 basis a regasification terminal in Sicily with a forecasted investment of 700 million euros;
  • in 2008, Lukoil acquires a 49% share in the Priolo refinery. This important strategic alliance with one of the world's most important oil companies enables Erg to reduce its exposure to market volatility and exploit the new opportunities the partnership will provide;
  • in 2010 merger between ERG Petroli and Total Italia, a further example of a key alliance through which Erg strengthens considerably its presence on the Italian distribution market. The merger seeks in the long-term sustainability in a mature market constantly on the look out for areas of efficiency;
  • in 2010, Erg together with Lukoil looked at joint business opportunities in the renewable energy sector, in particular, wind, hydroelectric and geothermal energy in Eastern Europe and Russia;

for the future Erg has significant plans to develop its presence in the renewable energy sector, aiming to reach in the next 3/5 years leadership in Italy and a medium-sized presence in other European countries also via strategic alliances. Such development will require further investments abroad of around 2 billion euros in the next few years, a total greater than the company's current capitalisation.

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