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    ENI   IT0003132476

ENI SPA

(ENI)
  Report
Delayed Borsa Italiana  -  11:35:33 2023-01-27 am EST
14.29 EUR   +0.66%
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Italy can boost African gas imports, Eni CEO says

01/24/2023 | 06:54am EST
Claudio Descalzi, CEO of Italian energy company Eni talks to media at the Presidential Palace in Nicosia

MILAN (Reuters) - Italy can significantly increase its gas imports from Africa and transfer some of the supply to northern Europe if it boosts its infrastructure in the next few years, the CEO of energy group Eni Claudio Descalzi told several Italian papers.

Speaking from Algiers where he travelled with Italy's Prime Minister Giorgia Meloni, Descalzi said that Rome could already count on many connections with Africa including the TransMed pipeline linking Algeria to Sicily.

"We are the only ones to have a connection with Algeria... which has a capacity of about 36 billion cubic metres (bcm) of gas and is still under-utilised. There are still more than 10 bcm that can reach Italy," Descalzi told Italian daily Il Messaggero.

Algeria last year emerged as Italy's biggest gas supplier, replacing a significant part of the 29 bcm of gas that previously came from Russia.

In addition to TransMed, Rome could also count on a pipeline coming from Libya and imports of liquefied natural gas (LNG) from Egypt, Angola, Congo Republic and Mozambique.

"We have a connection with Libya that is now worth about 12-14 billion cubic metres in terms of capacity, which can go up with adequate compression additions of several billion," Descalzi told the paper.

Italy is also working at the option of doubling to 20 bcm the capacity of the Trans Adriatic Pipeline (TAP) that brings Azeri gas to Apulia in the southeast of the country.

Rome sees a role as a hub for supplies between Africa and northern Europe in the coming years to help offset the loss of imports from Russia.

"Our goal is to have an oversupply of gas in order to be able to bring energy to Northern Europe," the Eni CEO said, adding that Italy needed both to expand its domestic gas network and also develop energy corridors to Germany, Austria and Switzerland.

In 2021 Italy used around 75 bcm of gas of which 38% came from Russia. It has a plan to completely replace Russian gas by the end of 2024.

Eni and Algeria's Sonatrach signed two deals on Monday to reduce carbon emissions and to study joint projects to improve the north African country's energy export capacity.

(Reporting by Francesca Landini; Editing by Keith Weir)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -1.08% 491.73 Real-time Quote.8.47%
ENI SPA 0.66% 14.292 Delayed Quote.6.86%
S&P AFRICA 40 INDEX -0.82% 165.11 Real-time Quote.9.25%
S&P GSCI NATURAL GAS INDEX 0.04% 133.3926 Real-time Quote.-34.86%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.39% 69.7656 Delayed Quote.-3.88%
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Analyst Recommendations on ENI SPA
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Financials
Sales 2022 123 B 134 B 134 B
Net income 2022 13 328 M 14 468 M 14 468 M
Net Debt 2022 12 658 M 13 740 M 13 740 M
P/E ratio 2022 3,71x
Yield 2022 6,15%
Capitalization 48 091 M 52 204 M 52 204 M
EV / Sales 2022 0,49x
EV / Sales 2023 0,51x
Nbr of Employees 32 689
Free-Float 68,1%
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Technical analysis trends ENI SPA
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 27
Last Close Price 14,29 €
Average target price 17,04 €
Spread / Average Target 19,2%
EPS Revisions
Managers and Directors
Claudio Descalzi COO-Exploration & Production Division
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Research & Development
Giuseppe Ricci Deputy Chief Operating Officer
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