Tag Archives: ENI

Italy Eni, CDP formed a joint venture to invest 800 million euros in renewable energy | Instant News


FILE PHOTO: Italian energy company Eni logo at a gas station in Rome, Italy September 30, 2018. REUTERS / Alessandro Bianchi

MILAN (Reuters) – Italy’s Eni and state lender Cassa Depositi e Prestiti (CDP) have formed a joint venture to invest around 800 million euros ($ 957 million) over five years in solar and wind energy production, they said in a statement.

GreenIT, which is 51% owned by Eni and 49% by CDP’s CDP Equity unit, will target an installed capacity of around 1,000 MW by 2025, they said.

The move aims to enhance Italy’s efforts to scale up renewable energy generation, in line with the goals set by the National Integrated Energy and Climate Plan 2030 submitted to the European Union Commission by the end of 2019.

Italy’s new ecology minister Roberto Cingolani is working on a new plan for an energy transition which is expected to be ready by May.

In a telephone conversation with US President’s Special Envoy for Climate John Kerry held on Wednesday, Cingolani said Rome plans to reduce its carbon emissions by about 60% by 2030, and use EU funds of 80 billion euros for the energy transition in the next five years. . .

($ 1 = 0.8360 euros)

Reporting by Maria Pia Quaglia; Edited by Jan Harvey

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Eni Italia will appeal the court’s ruling in the illegal waste case | Instant News


MILAN, March 10 (Reuters) – Italian energy group Eni said on Wednesday it plans to appeal a court ruling pleading guilty to illegal waste trade in a factory in southern Italy.

“(Eni) disagrees with acknowledging responsibility for serious allegations of illegal waste trade,” the company said in emailed comments.

A court in the southern city of Potenza on Wednesday fined Eni 700,000 euros in the case and seized 44.2 million euros from which the money Eni had spent cleaning up the factory would be deducted, the Ansa news agency reported.

An Eni spokesman confirmed the details of the verdict.

The case involves a maintenance plant for the Val d’Agri field in the southern region of Basilicata of which Royal Dutch Shell also owns shares.

Eni said it remains confident that work at the factory has been carried out “in accordance with existing regulations”. (Reporting by Stephen Jewkes; Editing by Giles Elgood)

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Italy’s Eni pledged to be carbon neutral by 2050 in its latest green push | Instant News


MILAN (Reuters) – Italian energy group Eni on Friday stepped up its ambition to reduce greenhouse gas emissions, pledging to become clean carbon neutral by 2050, as it seeks to keep pace with the industry’s pace under pressure from investors to go green.

FILE PHOTO: Italian energy company Eni logo is seen at a gas station in Rome, Italy August 16, 2018. REUTERS / Max Rossi / File Photo

Like his peers, Eni is stepping up plans to transition to cleaner fuels as governments around the world scale up green deals to tackle the climate crisis and power economies.

“We are committed to the full decarbonization of all our products and processes by 2050,” said Chief Executive Claudio Descalzi. “Our plans are concrete, detailed, economically sustainable, and technologically proven.”

Graph: Strategic Presentation of ENI 2021-2024 –

Eni shares were speeding up after the plan was launched, up 2.3% at 1324 GMT versus a flat European oil and gas index.

In an update to the cleanup efforts announced last year, Eni said it would cut absolute emissions by 25% by 2030 from 2018 levels and 65% by 2040.

Eni’s plans come just days after newly appointed Italian Prime Minister Mario Draghi has put climate change at the core of his plans for Italy and said his government intends to increase renewable energy and green hydrogen production.

Eni, which derives most of its revenue from oil and gas, said the goal of decarbonization by 2050 will be achieved by increasing yields from bio refineries, increasing renewable capacity, deforestation initiatives, carbon capture and other green projects.

“These are targets, not aspirations,” Descalzi told analysts during the plan presentation, adding that management salaries would be tied to it.

The world’s top oil and gas companies have set targets for reducing greenhouse gas emissions from their operations and the use of the products they sell.

Royal Dutch Shell pledged to eliminate net carbon emissions by 2050, raising its ambition from its previous target, as its oil production declined from its 2019 peak, while Total changed its brand as part of a push to diversify and grow electricity and renewable energy production.

Eni said he would combine his renewable and retail businesses to grow his customer base in synergy with green ambitions.

Revealing the short-term target until 2024, Eni said production would increase by 4% per year, with upstream spending of around 4.5 billion euros per year.

Eni plans to spend a total of 7 billion euros per year over the next four years, with more than 20% of that allocated to green projects and retail and renewable businesses combined.

Eni said it would once again base its dividend policy on Brent prices, saying a base price of 0.36 euros per share would start from an annual Brent scenario of $ 43 per barrel, two dollars lower than the previous level.

The company will buy back shares for 300 million euros if Brent reaches $ 56 per barrel, and more if the price rises.

Earlier on Friday, Eni posted a better-than-expected net profit adjusted for the fourth quarter as oil prices strengthened after what Descalzi said was “a year unlike any other in the history of the energy industry” sending full-year profits tumbling.

“We will never forget this extraordinary year marked by the most unexpected and disturbing crisis we have ever seen,” said Descalzi.

Graph: Eni vs European Oil and Gas Sector –

Additional reporting by Stefano Bernabei; Edited by Edmund Blair and David Evans

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2-Eni Italia UPDATE beat expectations in last quarter after ‘year like no other’ | Instant News


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MILAN, Feb 19 (Reuters) – Italian energy group Eni’s fortunes picked up in the last quarter of this year as firmer oil prices after “a year like no other” saw full-year profits fall.

Adjusted net income for the fourth quarter was 0.66 billion euros ($ 798 million), down 88% on the year but beating analyst expectations for a 0.04 billion euro loss.

But for the full year, it reported a loss of 742 million euros compared to a gain of 2.876 billion euros in 2019 after what Eni Chief Executive Claudio Descalzi said was “a year unlike any other in the history of the energy industry”.

The unprecedented drop in demand triggered by the COVID-19 pandemic saw big European rivals Shell and BP as well as big US companies Exxon Mobil and Chevron report heavy losses for the year.

Eni’s shares fell sharply last year, hitting their lowest level in a quarter century as the health pandemic rocked oil markets.

In the fourth quarter production fell 11% to 1,713 million barrels of oil equivalent per day but the company said full-year production was on target.

Like its competitors, Eni has cut its investments to offset the impact of the pandemic and spent 35% less last year at 5 billion euros.

Adjusted cash flow for the year fell to 6.7 billion euros compared with guidelines for 11.5 billion euros on Brent oil prices of $ 60 per barrel.

“By taking advantage of the actions we took, our adjusted cash flow for 2020 … was able to finance our capex, with a surplus of 1.7 billion,” said Descalzi.

The companies, which said they were well-equipped to deal with this year’s uncertain trading environment with liquidity of around 20.4 billion euros, confirmed a 2020 dividend of 0.36 euros per share.

In a note, Royal Bank of Canada said Eni remains one of the more leveraged names among integrated oil companies.

“We see Eni’s aggressive strategy around the energy transition as posing a risk to shareholders from time to time,” he said.

Eni, like other European peers, is cleaning up his business as investors increase pressure on the oil and gas sector to fight climate change.

It will release its new business plan on Friday.

By 1019 GMT Eni’s shares were down 1.1%, while the European oil and gas index was down 0.5%.

($ 1 = 0.8271 euro)

Additional reporting by Stefano Bernabei; Edited by Edmund Blair and David Evans

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Italy recruits Eni, Snam and CDP to help drive the energy transition, Energy News, ET EnergyWorld | Instant News


MILAN: Energy company Eni and Snam join Italian sovereign lenders CDP to work on an energy transition project aimed at cutting carbon emissions.

The three groups said in a joint statement on Wednesday that they would work together to produce, transport and market green hydrogen as well as using gas for rail transportation.

Italy is targeting investing about 10 billion euros ($ 12.2 billion) in hydrogen by 2030 as part of its strategy to decarbonize the economy as it moves to phase out fossil fuels.

Cassa Depositi e Prestiti (CDP), which is controlled by the Italian Ministry of Finance, is a major shareholder of the infrastructure group Eni and oil and gas major Snam.

The three groups said they would work together to roll out refueling stations for hydrogen, natural gas and LNG (liquefied natural gas) and build infrastructure to supply LNG nationwide for transportation.

They will also develop a Carbon Capture and Storage unit (CCUS) to produce hydrogen to reduce emissions in sectors that are difficult to decarbonize, such as refineries.

The deal is part of a broader commitment to help achieve Europe’s target of reducing carbon emissions by 55% by 2030.

“Collaboration between companies is essential to achieve national and European decarbonization goals,” said CEO Snam Marco Alvera.

Snam, which derives most of its revenue from gas transportation in Italy, has promised to spend more on a new, environmentally friendly line of business.

Eni, which has pledged to cut greenhouse gas emissions by 80%, is betting on a large-scale CCUS investment to help clean up gas in its portfolio as oil wanes after 2025. ($ 1 = 0.8205 euros)

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