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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Eni S.p.A.    ENI   IT0003132476

ENI S.P.A.

(ENI)
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Security guard strike threatens Norway's gas exports, prices spike

11/27/2020 | 10:46am EST
FILE PHOTO: NewGas Import Terminal of Gassco

OSLO (Reuters) - A key export terminal for Norway's natural gas will shut if Saturday's planned strike goes ahead, cutting supply to Europe, system operator Gassco said on Friday, sending prices higher.

The Norwegian Oil and Gas Association (NOG) and Gassco warned on Thursday that the Nyhamna processing facility, which handles about a quarter of Norwegian gas exports, will be closed unless a strike among security guards is called off.

Norway, Europe's second largest gas producer after Russia, says it supplied 22% of European Union demand last year.

Some 2,300 security guards organised by the Norwegian Union of General Workers (NAF) are on a nationwide strike over pay, and an additional 85 are scheduled to strike from Saturday.

NAF and the NHO group representing security firms said talks were deadlocked and the strike was expected to go ahead.

"We've accepted a gradual shutdown of the facility," the NHO's Federation of Service Industries and Retail Trade said in an emailed statement.

"There is no movement on either side," NAF spokesman Terje Mikkelsen told Reuters.

Exports from Nyhamna, which has a capacity of 84 million standard cubic metres (mcm) of gas per day, will be cut by 50 mcm on Saturday, Gassco said.

The shutdown is planned to start in the early hours of Saturday, Gassco's systems operations chief Alfred Hansen said.

The overall impact on the market was less than the plant's 84 mcm capacity, Gassco said, partly because of possibilities for compensating from other sources.

Nevertheless, the price of British wholesale gas for delivery next week increased by 7.7% and other contracts also rose.

The Nyhamna plant processes natural gas from the offshore Ormen Lange and Aasta Hansteen fields, which are also expected to close when the plant shuts down.

The Norwegian government, which can invoke emergency powers to end workplace conflicts, reiterated on Friday it was closely monitoring the situation.

Governments have often been reluctant to intervene, only doing so when lives or national interest are considered at risk.

(Editing by Terje Solsvik, David Evans and Alexander Smith)

By Nora Buli and Nerijus Adomaitis


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENI S.P.A. 0.22% 8.547 Delayed Quote.-0.23%
EQUINOR ASA -2.01% 156 Real-time Quote.9.83%
LONDON BRENT OIL 0.25% 56.22 Delayed Quote.7.08%
OMV AG -1.22% 35.5 Delayed Quote.8.91%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.93% 75.5932 Delayed Quote.1.94%
WTI 0.67% 53.148 Delayed Quote.8.49%
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Financials
Sales 2020 46 202 M 55 904 M 55 904 M
Net income 2020 -6 343 M -7 675 M -7 675 M
Net Debt 2020 19 223 M 23 259 M 23 259 M
P/E ratio 2020 -5,20x
Yield 2020 4,75%
Capitalization 30 467 M 37 055 M 36 865 M
EV / Sales 2020 1,08x
EV / Sales 2021 0,87x
Nbr of Employees 32 053
Free-Float 66,7%
Chart ENI S.P.A.
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Technical analysis trends ENI S.P.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 9,50 €
Last Close Price 8,53 €
Spread / Highest target 64,2%
Spread / Average Target 11,4%
Spread / Lowest Target -31,4%
EPS Revisions
Managers and Directors
NameTitle
Claudio Descalzi Chief Executive Officer, Director & GM
Lucia Calvosa Chairman
Stefano Maione Chief Operations, Technology & Development Officer
Francesco Gattei Chief Financial Officer
Karina A. Litvack Independent Non-Executive Director
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