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    ENI   IT0003132476

ENI SPA

(ENI)
  Report
Real-time Estimate Tradegate  -  02:40:42 2023-02-08 am EST
13.98 EUR   +0.52%
02:34aFutures on Mib in the green; MPS at a loss in 2022
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02/07Milan rises to 27,100; high volumes on Tesmec
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02/07Europeans mixed; Saipem leads the Mib.
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Italy secures U.S. guarantees to unlock funding for Lukoil refinery

12/03/2022 | 09:17am EST
FILE PHOTO: Italy works to keep Lukoil refinery going as sale talks drag on

ROME (Reuters) - U.S. authorities have reassured Italy that its banks are not at risk of fines for breaching sanctions against Moscow if they help a Lukoil-owned refinery buy non-Russian oil, Italian Industry Minister Adolfo Urso said on Saturday.

The reassurance should help the Sicily-based ISAB plant remain afloat after a European embargo on seaborne Russian oil comes into effect on Dec. 5, safeguarding local jobs and national fuel supplies.

"We received credit comfort, a guarantee that banks funding bridging transactions [to help ISAB] will not be subject to U.S. sanctions," Urso told reporters on the sidelines of an event in the Sicilian city of Catania.

Following Russia's invasion of Ukraine, ISAB has been forced to rely solely on Russian crude after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers.

Lukoil is not affected by sanctions in Europe, but banks were still reluctant to deal with a Russia-related company as they feared being targeted by possible future fines in the United States, where the company has been subject to sectoral sanctions since 2014.

This week, the Italian government laid out a scheme for the refinery to be placed under trusteeship. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft.

Urso said the refinery might go under "temporary" government control while Lukoil continues talks on selling the asset, adding that state-controlled Italian energy group Eni could be asked to support the trusteeship.

The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said.

On Friday, the Lukoil division that owns ISAB said the refinery could keep going despite the looming Russian oil embargo, relying on raw materials stored for the coming months and future deliveries of oil from countries other than Russia.

(Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Louise Heavens)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -0.51% 83.57 Delayed Quote.-6.97%
ENI SPA 1.53% 13.906 Delayed Quote.4.67%
LUKOIL -1.14% 3911 End-of-day quote.0.00%
ROSNEFT OIL COMPANY -3.77% 351.2 End-of-day quote.0.00%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.64% 71.65 Delayed Quote.-1.98%
WTI -0.34% 77.352 Delayed Quote.-8.77%
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Analyst Recommendations on ENI SPA
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Financials
Sales 2022 121 B 130 B 130 B
Net income 2022 13 250 M 14 171 M 14 171 M
Net Debt 2022 12 673 M 13 554 M 13 554 M
P/E ratio 2022 3,55x
Yield 2022 6,32%
Capitalization 46 792 M 50 045 M 50 045 M
EV / Sales 2022 0,49x
EV / Sales 2023 0,50x
Nbr of Employees 32 689
Free-Float 68,1%
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Technical analysis trends ENI SPA
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Mean consensus BUY
Number of Analysts 27
Last Close Price 13,91 €
Average target price 17,07 €
Spread / Average Target 22,7%
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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