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    ENI   IT0003132476

ENI SPA

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Business lobby sees 2% hit on Italy's GDP if Russia stops gas

05/29/2022 | 06:08am EDT
FILE PHOTO: Duomo's cathedral and Porta Nuova's financial district are seen in Milan

MILAN (Reuters) - Italy's business lobby Confindustria forecasts an almost 2% hit on the country's gross domestic product (GDP) on average per year in 2022 and 2023 in case of a stop of natural gas imports from Russia in June, it said in a research note.

"A halt of gas imports from Russia could have a very strong effect on the already weakened Italian economy," Confindustria said, adding the negative consequences would come from a major shortage of gas volumes for industry and services and an additional increase in energy costs.

Last year Russia was Italy's biggest supplier of natural gas, providing 29 billion cubic metres or 40% of total gas imported by the country.

Following Russia's invasion of Ukraine, the Italian government has been seeking alternative energy suppliers and its ministers have travelled to Africa and the Middle East to secure new contracts.

As part of this effort, Italy's energy group Eni and Algeria's Sonatrach on Thursday signed a deal to accelerate the development of gas fields in Algeria and of green hydrogen.

This move is expected to boost the North African country's gas exports to Italy by some 3 billion cubic meters (bcm) per year.

(Reporting by Francesca Landini; Editing by Raissa Kasolowsky)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.88% 447.94 Real-time Quote.-17.05%
ENI SPA -2.64% 11.17 Delayed Quote.-5.91%
GREEN HYDROGEN SYSTEMS A/S -2.27% 13.8 Delayed Quote.-58.89%
S&P AFRICA 40 INDEX -0.93% 144.33 Real-time Quote.-17.82%
S&P GSCI NATURAL GAS INDEX -5.22% 253.4882 Real-time Quote.53.62%
TOTALENERGIES SE -3.05% 50.81 Real-time Quote.17.48%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 8.47% 61.0151 Delayed Quote.-28.01%
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Sales 2022 103 B 108 B 108 B
Net income 2022 9 097 M 9 487 M 9 487 M
Net Debt 2022 12 271 M 12 797 M 12 797 M
P/E ratio 2022 4,43x
Yield 2022 7,64%
Capitalization 40 546 M 42 284 M 42 284 M
EV / Sales 2022 0,51x
EV / Sales 2023 0,50x
Nbr of Employees 32 689
Free-Float 67,6%
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Last Close Price 11,50 €
Average target price 16,30 €
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Claudio Descalzi COO-Exploration & Production Division
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Digital, R&D
Giuseppe Ricci Deputy Chief Operating Officer
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