Enel reports 6.5% increase in core profit for the 9-mth period on renewable energy growth
Enel, Italy's largest utility, announced on Wednesday that its core profit for the nine months ended September rose by 6.5% on an annual basis, largely due to a strong production of renewable energy, which compensated more than enough for a drop in retail electricity prices in Italy.
Eni, Italy's energy company, will see 2.5 billion euros in net proceeds from its disposals by 2025
Francesco Gattei, the Chief Transition & Finance Officer of Italian energy giant Eni, said that it expects to receive net proceeds of 2.5 billion euros ($2.7billion) from further disposals next year. Eni announced Thursday that U.S. Investment Group KKR will buy 25% of Enilive…
Saipem, Italy's largest energy company, increases its 2024 forecast and confirms dividend plan
Saipem, an Italian energy contractor, raised its full-year forecast and confirmed that it will resume dividend payments in 2019, after exceeding expectations for the third-quarter results. The group reported adjusted earnings between July and Septembre of 340 millions euros ($366million)…
Venture Global won't begin LNG deliveries to Italy Edison until 2025
Italian energy group Edison reported on Monday that U.S. Gas Exporter Venture Global LNG had told it to not expect contract cargoes until April 2025 from its Louisiana export facilities. Edison, along with Shell, BP, and Repsol, has filed contract arbitration against…
Ithaca Energy joins Eni's North Sea Business
Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction, which created one of the largest independent energy companies operating in the North Sea.
Eni CEO expects Brent oil to be around $80 a barrel by Q4
Eni's chief executive, Eni Energy Group, expects Brent oil to reach $80 per barrel within the next few months. Claudio Descalzi, speaking on the sidelines of a conference on energy organised by Il Sole 24 Ore financial daily on Wednesday, said that "oil is expected…
Sources: Eni is in discussions with funds about another Plenitude stake sales
Two sources familiar with the matter confirmed on Friday that the Italian energy group Eni was in discussions with several funds about the possible sale of a minor stake in its renewables and retail businesses Plenitude. This possible sale would be a further step in…
Eni restructures its chemicals business to unlock value and improve profitability
Eni, the Italian energy company, announced on Thursday that it had approved a new structure for its business aimed at developing main units, speeding up a revamp of its chemical business, and integrating both its upstream activities and its trading activities. The…
Azerbaijani President confident about Ukraine gas route talks
Azerbaijani president Ilham Aliyev expressed Friday confidence in the outcome talks between Russia Ukraine, which his country facilitates to keep Russian Gas flowing through Ukraine into several European nations. Aliyev spoke at the TEHA forum in Cernobbio (Italy)…
Hitec, a unit of Eni, wins support for a large floating wind farm
Flotation Energy, a joint-venture between Eni Plenitude, and HitecVision private equity, announced on Tuesday that their floating offshore project Green Volt had won a contract in Britain's most recent renewable energy auction. They said that the 2.5 billion pound initiative ($3.28 billion)…
Italy cracks down on illegal green energy plants
Ministers announced that Italy had passed a law on Wednesday to simplify the approval process for renewable energy projects. The move is part of an effort to increase green power production in order to meet decarbonisation targets and boost the nation's goals. Giorgia Meloni…
ADNOC Seals $5.8 bln Refining and Trading Deal with ENI, OMV
Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.The transaction, which expands ADNOC's access to European markets…
Eni CEO Says Q1 Production Rose 4%
Italy's Eni grew its oil and gas production by 4 percent in the first quarter, CEO Claudio Descalzi said on Tuesday. "Production is good. We have 4 percent growth year-on-year and quarter-on-quarter," Descalzi said, presenting the group's recent business plan in New York. The 2018-2021 plan was first presented in March.
Total and Erg sell Italian fuel retail business to API
French oil company Total said on Friday it had agreed to sell the Italian petrol station network it co-owns with partner ERG to refiner API, completing the planned disposal of the TotalErg joint venture's assets. The transaction includes 2,600 retail service stations…
Prysmian CEO Says Not Interested in Nexans
France cable maker Nexans is not the right target for industry leader Prysmian which is scouting for possible acquisitions, the chief executive of the Italian group said on Tuesday. "There would be several overlaps with Nexans," CEO Valerio Battista said on the sideline of a conference…
Saipem Skids to Q3 Loss, Plans Job Cuts
Italian oil contractor Saipem posted a third-quarter loss of 1.978 billion euros ($2.15 billion) after asset writedowns, forecasting revenues in 2017 below those expected this year as the industry crisis continues. In a statement Saipem said it expected sales to be…
Saipem Biggest Private Investor Votes for $3.7 bln Cash Call
Saipem's biggest private shareholder Dodge & Cox voted on Wednesday in favour of a 3.5 billion euro ($3.7 billion) capital increase designed to strengthen the Italian oil contractor's balance sheet. The U.S. investment company currently owns more than 12 percent of Saipem. "It's an important signal...
Saipem Confident Will Prove it is Not Liable in Algeria Trial
Italian oil contractor Saipem said on Friday it was confident it would be able to prove that there were no grounds for the company to be held liable in a corruption trial. A Milan judge on Friday ruled that Saipem and a number of former employees of the company should…
Saipem Finalizing Bank Pool for Cash Call, Debt
Italy's Saipem is finalizing a banking consortium to put the troubled oil contractor on a solid financial footing and run a cash call of more than 3 billion euros ($3.4 billion) as it readies a turnaround plan, people close to the deal said. Two sources familiar with…
Saipem Slashes 2015 Guidance, Announces Job Cuts
Italian oil contractor Saipem slashed its guidance for the year on Tuesday as it booked writedowns of 929 million euros ($1 billion) and introduced a restructuring plan that foresees 8,800 job cuts. In a statement Saipem, which is 43 percent owned by oil major Eni…
