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, its biofuel unit for 2.9 billion Euros as part of Eni’s strategy to spin-off new businesses with high potential growth to fund its efforts in cutting its greenhouse gas emission.

Gattei stated during a conference phone that "we will cash in 3.6 billion euro this year. We expect to have additional disposals the following year with an expected cash-in around 2.5 billion euro."

He said Eni might sell a second share in Enilive. The size of the stake would be likely less than 10%.

Last month, sources said that U.S. funds Stonepeak & Apollo were in discussions with Eni about the sale of a potential second stake in Enilive.

Eni has also been in touch with potential purchasers of a stake within its carbon capture business.

Gattei stated that "we are currently in talks with between five and six investors who would like to take a stake in CCS."

He confirmed that sources told him Eni could sell a second share in the retail and renewable unit Plenitude, and a third in the bio-plastics company Novamont.

Sources have confirmed that HitecVision and Apollo, a Norwegian private equity fund, are interested in acquiring the second stake after Energy Infrastructure Partners (a Swiss asset manager) purchased 7.6% of Plenitude in March.

Gattei, without providing any further details, said that Eni is also negotiating to find a developer for a recent discovery upstream.

Eni shares closed 1.4% higher on Friday, after the company announced it would raise its share-buyback program to 2 billion euro following better than expected third-quarter results. $1 = 0.9231 euro (Reporting and editing by Rod Nickel; Francesca Landini)

(source: Reuters)